Gold price ends the week on a high

New York (Aug 30)  Gold futures settled higher on Friday but suffered a 2.2% loss for the week, their biggest weekly decline since the week ended July 24.

The U.S. dollar strengthened this week, putting pressure on the metal as the market weighed prospects for an interest-rate hike this year by the Federal Reserve.

December gold climbed 1% for the session to settle at US$1,134 an ounce on the Comex after declines over the past four sessions.

Data on Friday showed U.S. consumer spending picked up a bit in July, offering further evidence of strength in the economy that could keep the door open to a Federal Reserve interest rate rise this year.