Gold Weakens on Profit Taking Ahead of Weekend


"Oil prices are lending selling pressure to precious metals markets."

Comex gold futures have backed down in late trading Friday, as some traders have decided to book profits before the weekend, and after the market scored a new all-time record high of $1,448.60 an ounce, basis nearby May futures, on Thursday. May gold last traded down $12.00 an ounce at $1,423.00. The U.S. dollar index is seeing a short-covering rally and crude oil prices are weaker at midday Friday, which is also lending selling pressure to the precious metals markets in late dealings.

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