Gold futures edge higher, but finish with a loss for the week

Gold futures edged higher on Friday, but failed to reclaim the key $1,900 mark Thursday, prompting prices to log the first weekly loss in five weeks. A weaker-than-expected rise in May U.S. nonfarm payrolls pressured the dollar, contributing to the rise in dollar-denominated gold prices. August gold rose $18.70, or 1%, to settle at $1,892 an ounce, but that followed a loss of 1.9% on Thursday to the lowest most-active contract price since May 18, according to FactSet data. For the week, gold futures lost about 0.7%, with the weekly decline coming on the heels of four consecutive weekly gains.

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