Gold drops on upbeat economic data

Gold futures on the COMEX division of the New York Mercantile Exchange dropped Friday on upbeat economic data. The most active gold contract for April delivery dropped 10.2 U. S. dollars, or 0.77 percent, to settle at 1,321.6 dollars per ounce. Gold registered a loss of around 0.2 percent for the week, the first weekly loss in four weeks, but rose roughly 6.6 percent in February for the second monthly gain in a row. The University of Michigan and Thomson Reuters released a report Friday putting consumer sentiment at a final reading of 81. 6 in February, up from 81.2 at the end of January. Moreover, Chicago purchasing managers' index rose to 59.8 in February from 59.6 in January, beating market consensus of 56. Though U.S. Commerce Department revised U.S. gross domestic product growth in the fourth quarter of 2013 to 2.4 percent from 3. 2 percent, the revised figure still matches the forecast of economists, and therefore did little impact on gold. Dollar's rise against Chinese yuan also dampened gold, as weaker Chinese yuan has made it more expensive for Chinese consumers to buy gold. Silver for May delivery lost 11.1 cents, or 0.52 percent, to close at 21.241 dollars per ounce. Platinum for April delivery slipped 6.6 dollars, or 0.45 percent, to close at 1,446.8 dollars per ounce.