Gold futures suffer for first weekly loss in 3

Gold futures settled a dime lower on Friday, suffering their first weekly loss in three as traders anticipated a rate hike by the Federal Reserve later this year.

Prices saw pressure from strength in the U.S. dollar as investors reacted to a rise in April U.S. consumer prices and comments from Federal Reserve Chairwoman Janet Yellen regarding the likelihood of a rate increase rate this year.

Gold for June delivery on Comex GCM5, +0.03% lost 10 cents to settle at $1,204 an ounce, while July silver SIN5, +0.11%  ended at $17.051 an ounce, down 8.1 cents, or 0.5%.

Prices for gold, based on the most-active contracts, saw a weekly fall of 1.7% after two consecutive weekly gains; silver suffered a 2.9% loss on the week.

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