Gold heads for weekly loss on slowing demand

Gold prices fell on Friday, near a 1-week low, on track for the first weekly loss in 5 weeks, due to a slowdown in demand.

Gold prices fell 0.3% to $1,801.34 an ounce, after opening at $1,807.21, and hit a high at $1,810.37.

Gold closed higher by 0.2% yesterday, after hitting a 1-week low at $1,792.75 an ounce.

Gold prices lost 0.6% so far this week, on track for the first weekly loss in 5 weeks.

Gold did not benefit from the 10-year US Treasury yield's sharp fall this week, as investors headed to other assets.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since May 14 at 1,028.55 metric tonnes.