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Gold dropped off of record highs on Friday as the dollar recovered some of its recent losses versus its major rivals.
December gold futures closed at $1,047.80, down $7.60 on the session. Prices slipped as low as $1,044.70 after earlier hitting as high as $1,056.70.
Gold hit record intraday and closing highs for a third straight session on Thursday, closing at $1,055.40 after hitting a record intraday high of $1,060.40. When adjusted for inflation, gold moved near $2,000 in 1980.
The metal climbed $41.30 for the week on improved hedge appeal as the dollar weakened.
The dollar saw strength against the euro late Thursday night and added to the gains in mid-day trading on Friday. The buck also rebounded against the pound.
The dollar received a boost as Federal Reserve Chairman Ben Bernanke reiterated Thursday evening that low interest rates will likely remain in effect for the foreseeable future.
A Commerce Department report showed that the trade deficit narrowed to $30.7 billion in August from a revised $31.9 billion in July. Economists had been expecting the deficit to widen to $33.0 billion compared to the $32.0 billion originally reported for the previous month.
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