Gold closed at an eight-month low recording its third weekly loss in a row as equities surged to a record crimping demand for the precious metal as an alternative asset.
Gold for December delivery declined 0.8 percent to finish at $1216.60 an ounce. For the week it shed 1.2 percent.
Gold dropped for the third straight week after the raised its estimate for a key lending rate even as policy makers affirmed a pledge to keep borrowing costs close to zero percent for a considerable time.
In other metals September silver lost 67 cents falling to $17.78 an ounce. December palladium was down 2.3 percent to $812.35 an ounce while October platinum lost $12.20 to $1337.30 an ounce. High grade copper for December delivery was mostly flat at $3.09 a pound.
In energy West Texas Intermediate crude declined for a third day on rising U.S. inventories as a stronger dollar weighed on commodity prices.
Stockpiles increased last week for the first time since Aug. 8 according to the Energy Information Administration. The dollar gained as the moves closer to raising interest rates.
WTI for October delivery dropped 0.7 percent to end at $92.41 on the New York Mercantile Exchange. Prices gained 14 cents this week ending a two-week losing streak. The October contract expires on Sept. 22.
Brent for November settlement gained 69 cents to $98.39 a barrel on the London-based ICE Futures Europe exchange for a weekly gain of 1.3 percent.
The European benchmark widened its premium to WTI on signs of lower OPEC output.
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