Gold futures traded lower Friday and looked to mark their third straight weekly loss as investors awaited the Federal Reserve’s key decision on rates next week. The Fed’s two-day policy meeting, starting Sept. 16, may set the tempo for gold’s moves, at least in the short term. The outcome of the Fed’s monetary-policy meeting appears uncertain as the central bank weighs lifting rates for the first time in almost a decade. Read: Hilsenrath says Fed can’t agree on September rate hike A rate increase would push the U.S. dollar higher but would pressure the price of dollar-denominated commodities like gold, making it more expense to buyers in other currencies. Gold futures for December delivery GCZ5, -0.78% gave up $9.70, or 0.9%, to trade at 1,099.60 an ounce Friday, and was eyeing a weekly loss of 1.9%. That would mark gold’s third straight weekly loss dating back to the week of Aug. 28. At this point, the longer-term outlook for gold appears gloomy. “Having made the breakdown below the two supports around $1,117 and then $1,109, the outlook has turned negative,� according to a research note from Hantec Markets. In other metals, December silver SIZ5, -1.95% lost 31 cents, or 2.1%, to trade at $14.335 an ounce, on track for a weekly loss of 1.5%.

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