Gold logs a 4th straight weekly loss

Gold futures held ground at more than five-year low on Friday, extending their losing streak to a fourth week in a row, the longest stretch of weekly declines since late July.

December gold GCZ5, +1.03%  shed 10 cents to settle at $1,080.90 an ounce on Comex, the lowest settlement for a most-active contract since February 2010.

For the week, gold lost 0.6%—its fourth weekly loss and the longest such stretch of declines since the five-week drop that ended July 24.

In the short term, “gold was badly damaged technically in the last two weeks and further weakness is quite possible,” said Mark O’Byrne, research director at Dublin-based GoldCore.

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