Gold falls as oil price drops

Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly on Friday as oil prices dropped.
The most active gold contract for February delivery lost 3.1 U. S. dollars, or 0.25 percent, to settle at 1,222.5 dollars per ounce.
Analysts attributed Friday's fall in gold prices to the decline of oil. Crude prices dropped Friday after the International Energy Agency lowered its global demand outlook. Light, sweet crude for January delivery moved down 2.14 U.S. dollars to settle at 57.81 dollars a barrel on the New York Mercantile Exchange.
Strength in the economy also hurt investors' safe-haven demand. Retail sales in November gained 0.7 percent after a 0.5 percent jump in October, according to a report released by the U.S. Department of Commerce Thursday. Automobile sales jumped 1.7 percent following an increase of 0.8 percent in October.
Nonetheless, gold futures have added 2.7 percent this week.
Silver for March delivery lost 5.5 cents, or 0.32 percent, to close at 17.057 dollars per ounce. Platinum for January delivery lost 10.7 dollars, or 0.86 percent, to close at 1,231.5 dollars per ounce.