Gold prices began the new year on a down note in nearly trading on Friday. February gold fell to $872.60, down $11.70 for the session. The metal hit as low as $868.10.
The dollar was little-changed against other majors, lingering near a two-week high against the euro of 1.3839 and close to a 6 1/2-year low of 1.4750 against the sterling. Gold usually moves opposite the dollar because of the precious metal\\\'s hedge appeal.
Crude oil also headed lower in early trading, giving back some of its gains from earlier in the week. Light sweet crude for February moved to $44.18, down 40 cents for the day.
Gold closed a choppy session higher on Wednesday as crude oil\\\'s gains helped the precious metal\\\'s hedge value. December gold added $884.30, up $14.30. Earlier, the metal touched as low as $857.30.
The metal closed a highly-volatile year up 5.5%. Gold reached above $1,000 before turning sharply lower amid the economic crisis and moving below $700. The annual gain is the eighth in a row but the smallest since 2004.
At 10 a.m. ET, results of the latest Institute for Supply Management Manufacturing survey are due. The manufacturing index reading is expected to fall to 35.4 in December from 36.2 in November. The prices paid index is forecast to decline to 20 from 25.5.
