Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange fell Friday as the U.S. dollar strengthened against the euro.
The most active gold contract for February delivery dropped 8.1 U.S. dollars, or 0.62 percent, to settle at 1,292.60 dollars per ounce.
Gold was under pressure as the euro hit an 11-year low against the dollar on Friday in the wake of an announcement by the European Central Bank to use bond buying to add 1 trillion euros to the eurozone economy.
After rebounding on Thursday, gold prices have pared some gains as investors focused on the impact of the stronger U.S. currency, which makes dollar-denominated assets more expensive, some analysts noted.
Analysts said traders are likely to follow closely the election in Greece on Sunday, along with a U.S. central bank policy meeting on Jan. 27-28.
Gold was put under further pressure by a U.S. Department of Commerce report showing existing home sales in December increased by 2.4 percent to an annual sales rate of 5.04 million. This was a positive sign for the U.S. economy.
Silver for March delivery fell 6 cents, or 0.33 percent, to close at 18.3 dollars per ounce. Platinum for April delivery lost 16.1 dollars, or 1.25 percent, to close at 1,268.70 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange fell Friday as the U.S. dollar strengthened against the euro.
The most active gold contract for February delivery dropped 8.1 U.S. dollars, or 0.62 percent, to settle at 1,292.60 dollars per ounce.
Gold was under pressure as the euro hit an 11-year low against the dollar on Friday in the wake of an announcement by the European Central Bank to use bond buying to add 1 trillion euros to the eurozone economy.
After rebounding on Thursday, gold prices have pared some gains as investors focused on the impact of the stronger U.S. currency, which makes dollar-denominated assets more expensive, some analysts noted.
Analysts said traders are likely to follow closely the election in Greece on Sunday, along with a U.S. central bank policy meeting on Jan. 27-28.
Gold was put under further pressure by a U.S. Department of Commerce report showing existing home sales in December increased by 2.4 percent to an annual sales rate of 5.04 million. This was a positive sign for the U.S. economy.
Silver for March delivery fell 6 cents, or 0.33 percent, to close at 18.3 dollars per ounce. Platinum for April delivery lost 16.1 dollars, or 1.25 percent, to close at 1,268.70 dollars per ounce.
