Gold futures fell Friday for the first session in four, dropping from the highest level in seven months as investors sold the metal and adjusted their positions into equities and crude-oil futures, pushing up oil and stock prices. Crude gained for the first time in six days. Shares in Europe and Asia rebounded, although stock in the U.S. were slightly lower. Meanwhile, the U.S. dollar continued its rally, putting pressure on dollar-denominated gold prices. Gold for February delivery fell $13.50, or 1.4%, to $935 an ounce on the Comex division of the New York Mercantile Exchange. The front-month contract had rallied $56.10, or 6.2%, over the previous three sessions. It surged above $950 on Thursday, the first time at such a level since July. Trading more actively, the April contract also fell, down 1.2% to $938.20 an ounce. "Profit-taking became manifest after a relatively tireless run in gold," said Jon Nadler, senior analyst at Kitco Bullion Dealers. Meanwhile, gold holdings in SPDR Gold Shares , the largest gold exchange-traded fund, jumped 3.8% from a day ago to approach closer 1,000 tons. Holdings reached 970.57 tons, up 35 tons from a day ago and more than 180 tons higher than a month ago. Dynamic trading While selling gold, investors were busy establishing new positions in crude and equities. In energy, crude futures rose for the first time in six sessions, reversing direction after they closed Thursday just slightly above a four-year low hit in December. Despite Friday's gain, crude remained below $35 a barrel. And in foreign exchange, the dollar index , which tracks the value of the greenback against a basket of its major rivals, rose 0.3% to 86.006. A rising dollar tends to reduce gold's appeal as an investment alternative. In other metals trading, March copper rose 1.9% to $1.563 a pound, while March silver fell 1.7% to $13.28 an ounce. March palladium rose 0.2% to $217 an ounce, and the April contract for sister metal platinum sank 0.7% to $1,070 an ounce.

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