Gold prices weakened on Friday as a decline in stock prices prompted investors to trim down positions in the safe-haven asset class in order to raise funds to meet margin calls.
However, a weak dollar limited the yellow metal’s decline. The dollar index was down 0.64% at 98.72 about an hour ago.
Gold futures for April ended down $26.20, or about 1.6%, at $1,625.00 an ounce, after dropping to a low of $1,611.40 an ounce.
On Thursday, gold futures ended up $17.80, or about 1.1%, at $1,651.20 an ounce. For the week, gold futures gained about 9.5%.
Silver futures for May ended down $0.142 at $14.534 an ounce, while Copper futures for May closed lower by $0.0600 at $2.1720 per pound.
In economic news, revised data from the University of Michigan showed consumer sentiment in the U.S. deteriorated by much more than initially estimated in the month of March.
The report said the consumer sentiment index for March was downwardly revised to 89.1 from the preliminary reading of 95.9.
The consumer sentiment index is now down sharply from the final February reading of 101.0, reflecting the fourth largest one-month decline in nearly a half-century.
The Commerce Department’s report showed personal income climbed by 0.6% in February, matching the increase seen in January. Economists had expected income to rise by 0.4%.
Meanwhile, personal spending edged up by 0.2% for the second straight month, matching expectations.