Gold Steadies After Weekly Losses

Gold futures were flat Friday, unable to trim recent losses as U.S. stocks continued their record-setting run.

Surging techs stocks drove the Nasdaq up 2 percent, while the rest of the market was in consolidation mode after all-time highs.

With gold's safe haven appeal diminished, the precious metal has fallen in October.

Dec. gold added $2.20, or 0.2%, to settle at $1,271.80/oz, but was down 0.8% for the week.

Economic growth in the U.S. slowed modestly in the third quarter, according to a report released by the Commerce Department on Friday, although the pace of growth still exceeded economist estimates.

The report said real gross domestic product jumped by 3.0 percent in third quarter after surging up by 3.1 percent in the second quarter. Economists had expected GDP to increase by 2.5 percent.

The Federal Reserve is widely expected to raise interest rates in December if the economy performs well over the next two months.

News are provided by InstaForex