Gold Gives Back Ground But Still Posts Third Straight Weekly Gain

(RTTNews) - After closing higher for eight consecutive sessions, the price of gold gave back some ground during trading on Friday.

Gold for March delivery fell $21.80 or 0.7 percent to $3,018.20 an ounce after inching up $4.10 or 0.1 percent to a record closing high of $3,040 an ounce during Thursday's session.

Despite the pullback on the day, the price of gold climbed 0.8 percent for the week, marking its third consecutive weekly gain.

The decrease by the price of the precious metal came amid a continued increase by the value of the U.S. dollar, with the U.S. dollar index rising 0.3 percent to 104.11.

Selling pressure remained relatively subdued, however, as gold continued to benefit from its appeal as a safe haven due to ongoing concerns about the economic outlook and the impact of President Donald Trump's tariffs.