Gold dropped sharply to a near six-year low on Friday and was heading for a sixth straight weekly decline under pressure from a firm dollar and prospects of a U.S. interest rate rise next month.
Spot gold hit $1,052.46 U.S. an ounce, its lowest since February 2010, and was last down 1.2% at $1,058.30 U.S.
Spot prices were down 2.1% for the week. U.S. gold futures fell 1.2% to $1,057 U.S. an ounce and were also headed for a sixth consecutive weekly decline.
Gold was undermined by a firm U.S. dollar, trading at an eight-month high against a basket of major currencies, as euro and Swiss franc prices pointed lower.
The shiny yellow metal becomes more expensive for foreign investors when the U.S. currency rises.
The U.S. Federal Reserve is widely expected to raise rates for the first time in nearly a decade when it meets next in mid-December. Higher rates would rise the opportunity cost of holding non-yielding gold and could dent demand and boost the greenback.
Trading in other precious metals also continued Friday, with silver, platinum and palladium all heading for losses on the week. Silver was down 1.2% at $14.08 U.S. an ounce, platinum ailed 2.1% at $831.74 U.S., not far off this week's seven-year low. Palladium dropped 1.4% to $547.50 U.S.
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