Gold settles lower, pares weekly gain to 6.8 %

Gold futures on the COMEX Division of the New York Mercantile Exchange on Friday settled lower for the first time in the latest six trading days, finishing the week with a 6.8-percent gain. The most active gold contract for Dec. delivery climbed 50 U.S. cents, or 0.03 percent, to 1,747.2 dollars per ounce. Market analysts said that gold market ended the five-day rally after concerns over the global economy were eased by better-than- expected U.S. consumption data as well as the Europe's deal to tackle its debt problem. The Thomson Reuters/University of Michigan index of consumer sentiment climbed to 60.9 for Oct., up from 59.4 in Sept.. Besides, U.S. Commerce Department said that the personal income rose 0.1 percent in Sept. and consumer spending rose 0.6 percent. Meanwhile, a trader noted that there appeared to be some profit taking on Friday as "the fragility and uncertainty in the euro zone seem to change from day to day and traders are taking profits instead of holding positions over the weekend." Silver for Dec. delivery rose 17.6 U.S. cents, or 0.5 percent, to 35.288 dollars per ounce. Platinum for Jan. delivery also gained 10.4 dollars, or 0.6 percent, to 1,651.8 dollars per ounce.