By Deborah Levine, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold futures went back to losses Friday as metals traders eyed the dollar and stock markets for hints about how much investors are worried about the outlook for global economic growth.
Gold for August delivery GC1Q -0.84% declined $14.60, or 1%, to trade at $1,505.80 an ounce on the Comex division of the New York Mercantile Exchange, around its session lows.
It had traded as high as $1,526.50 an ounce.
Gold prices dropped more than 2% on Thursday as commodities sold off after news that the U.S. and other International Energy Agency members will make oil available from strategic reserves to counter loss of Libya’s oil. Read about Thursday’s drop in gold prices.
U.S. stocks opened lower, and losses for equities mounted as morning trading progressed.
Besides the IEA announcement, Thursday also brought the announcement of a longer-term plan to support Greece. Read more about Greece's sovereign-debt crisis.
In other metals trading, silver for July delivery SI1N -1.01% fell 44 cents, or 1.4%, to $34.48 an ounce.
September palladium PA1U -1.06% dropped $9.55, or 1.3%, to $733.80 an ounce.
July platinum PL1N -0.77% declined $7.50, or 0.5%, to $1,686.20 an ounce.
The dollar gained against the euro amid worries about Greece’s ability to rein in its debt. A stronger dollar tends to weigh on commodities priced in the U.S. currency. See story on dollar, euro.
