Gold fell on Friday, with a sharp turn from the initial rise, as the dollar surges against the euro and the recent uncertainty about the euro zone debt crisis prompted investors to sell ahead of the weekend.
Spot gold fell 0.7% to $ 1,492.70 per ounce at the close of this morning, after earlier climbing as high as $ 1,516.50. U.S. gold futures for June delivery fell $ 13.20 to $ 1,493.60, after trading in the range of $ 1,482 to $ 1,516.50.
For this week, gold ended flat after slumping almost 5% last week in a blow to commodities.
Previously the beginning of the session, gold rose after data showed gasoline and food prices lifted U.S. inflation to 2-1/2 year highs in April, but there is little sign of the larger implications of rising consumer prices will complicate the Federal Reserve.
Gold depressed as U.S. dollar toward the highest six weeks against the euro because of concerns about the global economy pushed the dollar back into the market.
Precious metals have been pressured by worries about dollar strength, ahead of a meeting of Eurogroup finance ministers, followed by the Ecofin meeting of EU finance ministers on Monday, which could provide further direction to the euro. The single currency will likely remain under pressure until at least after investors digested the final result.
Silver continues to recover from last week's 25% correction. Silver rose 1.2% at $ 34.62 per ounce. But still losing about 1.5% for the week after recording the worst weekly performance since 1980 last week.
Silver has lost as much as 30% from record highs of $ 49.51 per ounce which was established on 28 April.
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