Gold futures fell Friday for a second session, extending their weekly loss to more than 3% as economic recovery hopes reduced gold's appeal as a safe asset. Copper is set to gain more than 1% in the week. U.S. stocks finished April trading with one of its strongest monthly gains in years, buoyed by economic hopes and company earnings that are proving better than dire forecasts. Crude oil also made monthly gains. Gold for June delivery fell $7.60, or 0.8%, to $883.70 an ounce Comex division of the New York Mercantile Exchange. Meanwhile, July copper rose 2.7 cents, or 1.3%, to $2.0745 a pound. Higher stocks and economic hopes are "stripping gold of the safe-haven bid," said Brian Kelly, chief executive officer of Kanundrum Research, a commodities and macroeconomic research firm. Gold prices, as measured by Comex front-month futures contracts, fell 3.5% in April. Some analysts said the metal is facing further downward pressures. "For the moment we still see gold at the most risk of a downwards correction back to the $850-865 area," said James Moore, an analyst at TheBullionDesk.com. Investment in gold exchange-traded funds also stalled recently. Gold holdings in SPDR Gold Trust the biggest ETF backed by gold, stood at 1,104.45 tons Thursday, unchanged for a sixth session, according to latest data from the fund. Friday's trading in other markets indicated investment sentiment is rebounding. Crude oil started the new month's trading up nearly 1% to above $51. Meanwhile, U.S. stock futures also indicated a higher opening. In other metals Friday, July silver fell 8.5 cents, or 0.7%, to $12.24 an ounce. June palladium lost $4.30, or 2%, to $213.90 an ounce, and July platinum fell $17.70, or 1.6%, to $1088.90 an ounce.

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