Mubasher: Gold settles lower on Friday, losing 1.6% for the week.

Comex December gold dropped $12.2, or 0.8%, to settle at $1,488.7 per ounce.

By 06:29 pm GMT, the US dollar index (DXY), which measures the US currency against a basket of six major currencies, fell 0.41% to 98.30.