Investing.com - Gold ended lower on Friday as investors took profits after prices hit a seven-week peak in the previous session, but still notched up a third consecutive weekly gain.
Gold for February delivery settled down 0.21% at $1,195.3 on the Comex division of the New York Mercantile Exchange.
The metal was still 1.98% higher for the week, helped by a broad weakening of the U.S. dollar.
The U.S. dollar index posted its largest weekly decline since late October, shedding 1.0% as optimism cooled over President-elect Donald Trump’s economic policy proposals.
The drop in the dollar came after Trump disappointed traders who had been hoping he would address economic and fiscal policies in his first formal news conference as U.S. president-elect.
The dollar had rallied to 14-year peaks earlier this month on expectations that Trump's policies would spur growth and inflation and prompt the Federal Reserve to raise interest rates more quickly.
Trump will officially take office on January 20.
Elsewhere in precious metals trading, silver was at $16.83 a troy ounce late Friday, and ended the week with gains of 1.69%.
Copper was up 1.29% at $2.70 a pound and ended the week up 6.62% on hopes for increased demand from top consumer China.
Platinum was up 0.31% on the day at $987.75 an ounce and was up 1.53% for the week.
In the week ahead, financial markets will continue to focus on U.S. President-elect Trump ahead of his inauguration on Friday.
Investors will be looking ahead to Thursday’ policy announcement by the European Central bank and Chinese data on fourth quarter growth, due for release on Friday.
Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.
Monday, January 16
U.S. financial markets will be closed for Martin Luther King Day.
Bank of England Governor Mark Carney is due to speak at an event in London.
Tuesday, January 17
New Zealand is to release private sector data on business confidence.
The U.K. is to release data on inflation.
The ZEW Institute is to report on German economic sentiment.
New York Fed President William Dudley is to speak at an event in New York and the U.S. is also to release the Empire state manufacturing index.
U.K. Prime Minister Theresa May is due to speak about starting proceedings for Britain’s exit from the European Union.
Wednesday, January 18
The U.K. is to publish its monthly jobs report.
The euro zone is to release revised data on inflation.
The U.S. is to publish figures on inflation and industrial production. Later in the day, Fed Chair Janet Yellen is to speak at an event in San Francisco.
The Bank of Canada is to announce its latest monetary policy decision and hold a press conference to discuss the economic outlook.
Thursday, January 19
Australia is to publish its monthly employment report.
The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.
Canada is to report on manufacturing sales and foreign securities purchases.
The U.S. is to release a series of reports, including data on building permits, housing starts, initial jobless claims and manufacturing activity in the Philadelphia region.
Fed Chair Janet Yellen is to speak at an event in Stanford.
Friday, January 20
China is to release data on fourth quarter growth as well as figures on industrial production.
The U.K. is to release data on retail sales.
Canada is to round up the week with data on retail sales.