On Friday, gold futures fell to a more than four-week low amid continuing uncertainty whether the Federal Reserve will raise interest rates the next week.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery fell $ 6.00, or 0.54%, and closed the week at $ 1103.30 per troy ounce. During the session, prices fell to a low of $ 1097.70, its lowest level since August 11.
For the last week, the price of gold dropped $ 16.30, or 1.53%, falling for the third week in a row, as investors cut long positions on the eve of the highly anticipated Fed policy meeting on September 16-17.
The time of rate hike by Fed is a constant topic of discussions in the markets in recent months.
Investors disagree whether the US central bank will increase the rates at the next meeting, which will take place on Wednesday and Thursday.
Some investors believe that the Federal Reserve may delay raising interest rates this month, as bank officials are likely to remain concerned about the instability in the financial markets due to fears that China will lead the global economic downturn.
On July 24, gold fell to a minimum of five and a half years, at $ 1072.30, amid speculations that in September the Fed intends to raise interest rates for the first time since 2006.
The expectations of interest raise on loans had a negative impact on the precious metal because it cannot compete with the profitable assets in a period of growing rate.
Also on the Comex, silver futures for December delivery fell on Friday by 14.0 cents, or 0.96%, to $ 14.50 per troy ounce. Futures closed the week with a rise of 14.0 cents, or 0.37%.
Meanwhile, copper for December delivery has risen in price on Friday by 0.6 cents, or 0.27%, to $ 2.453 per pound. On Thursday futures strengthened to $ 2.472, the peak since July 21.
For the last week, copper prices jumped 13.6 cents, or 6.12%, as disappointing economic data in China has contributed to expectations that Beijing will introduce fresh measures to strengthen the second largest economy in the world in the near future.
Data released on Sunday showed that industrial production in China increased in annual terms by 6.1% in August, but was expected to rise by 6.4%.
On August 24, the price of the red metal fell to a six-year low of $ 2.202, as concerns over a slowdown in China's economy and the sharp fall in the Chinese stock market has dispelled appetite for this metal.
The Asian country is the world's largest consumer of copper, with its share of almost 40% of world consumption last year.