By Myra P. Saefong
Gold futures settled lower Friday and prices ended in negative territory, marking their fourth weekly decline in five.
The metal had spent much of the session trading higher as disappointing economic data from China and the U.S. helped to draw bidders in the yellow metal, but investors were wary as prices failed to hold ground above the key $1,350-an-ounce level.
December gold GCZ6, -0.61% fell $6.80, or 0.5%, to settle at $1,343.20 an ounce after tapping a high of $1,362.50. For the week, prices lost about 0.09%, according to FactSet data.
Silver for September delivery SIU6, -1.50% shed 31.7 cents, or 1.6%, to $19.703 an ounce, with futures prices losing 0.6% for the week.
“If gold breaks up through $1,350, it will run much higher,” said Julian Phillips, founder of and contributor to GoldForecaster.com.
Despite the losses for gold Friday, some analysts remained upbeat over the prospects for the metal in the weeks ahead.
Phillips pointed out the “rapid approach of the ‘gold season’ in September.”
“At this point, the summer holidays for the developed world are coming to an end and the focus in the gold market is for jewelry producers to buy for the festive season at the end of the year,” he said in a recent note.