SSRM - Gold notches first weekly loss in five; silver suffers worst week since January

Gold futures fell for a fifth straight session on Friday to its lowest price in more than three weeks, halting the metal's month-long rally in the wake of a rising dollar and higher Treasury yields.

The resurgence in the greenback weighed heavily this week on the yellow metal, which already was seeing profit-taking after reaching $1,800/oz, according to Oanda strategist Craig Erlam.

Meanwhile, St. Louis Federal Reserve President James Bullard spoke out in favor of another 75 basis point rate hike, which helped lift U.S. Treasury yields.

Front-month Comex gold ( XAUUSD:CUR ) for August delivery settled -2.8% to $1,747.60/oz this week, while front-month silver ( XAGUSD:CUR ) slumped to its biggest weekly percentage loss since January, -7.8% to $19.058/oz.

ETFs: ( NYSEARCA: GLD ), ( NYSEARCA: GDX ), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( SIL ), ( NYSEARCA: SLV ), ( SIVR )

Among this week's losers among precious metals miners: ( NGD ) -14.1% , ( SILV ) -13% , ( IAG ) -11.2% , ( SVM ) -10.1% , ( HL ) -9.9% , ( PAAS ) -8.3% , ( EXK ) -8.2% , ( AG ) -7.3% , ( MAG ) -7.2% , ( HMY ) -6.9% , ( SSRM ) -6% , ( GFI ) -5.9% , ( AUY ) -5.9% , ( WPM ) -4.8% , ( NEM ) -4.6% , ( AU ) -4.2% , ( AGI ) -3.7% , ( RGLD ) -3.2% , ( AEM ) -3% ,  ( GOLD ) -1.9% .

Asian demand for physical gold would need to see a substantial gain next week for gold prices to reverse and retest $1,800, Insignia Consultants' Chintan Karnani said, adding that demand will rise only upon the "perception that gold prices are more or less nearing a bottom."

Front-month Comex gold is still up 2.8% from its 52-week low of $1,699.50/oz on July 20 .

For further details see: