Investing.com - The price of gold declined on Friday, marking the fifth straight weekly retreat for the commodity, as cash continues to flee from exchange-traded funds linked to the precious metal.
Gold futures for February delivery closed down 0.9% at $1,161.90 per troy ounce on the Comex division of the New York Mercantile Exchange.
This settlement level is the metal’s lowest close since February, more than 10 months ago.
Since Donald Trump was elected president, the metal has lost value, as soaring stock markets and climbing bond yields reduced its appeal.
Selling pressure from gold exchange-traded funds continues.
On Friday, gold-based ETFs recorded their 20th straight day of outflows.