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Jan. 15, 2021, 1:38 p.m. EST

Gold prices decline, leading to a loss for the week

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By Myra P. Saefong

Gold futures declined on Friday as strength in the U.S. dollar weighed on prices for the precious metal, leading to gold's modest loss for the week. "Gold has a strong case to rise higher, but it won't shake off a surging dollar," said Edward Moya, senior market analyst at Oanda. "Gold could soften towards $1,800 and if buyers don't emerge, it could get ugly fast," he said. February gold lost $21.50, or 1.2%, to settle at $1,829.90 an ounce. Prices based on the most-active contract lost 0.3% for the week, FactSet data show.

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