Friday, November 16, 2007 2:48:03 PM - Gold ended the session down slightly on Friday, capping a week of decline. December gold finished at $787.00 an ounce, down 30 cents. This mark's the metal's lowest close in three weeks. Bullion had climbed as high as $798.40 in the early going, but dropped in the late morning.
Gold dropped $47.70 throughout the week, posting declines four times in five sessions. The decline came as the U.S. dollar started to rebound against the euro, Canadian dollar and other major currencies after weeks of drops. The weekly plunge easily erased the gains from last week when gold added $26.20 last week and closed at record highs twice. Gold reached as high as $848.00 last week, a fresh 27-year high. The record high for gold is $875, reached on Jan. 21, 1980. Gold has been on the rise since mid-August as a struggling U.S. economy has weakened the U.S. dollar.
Friday morning, the Federal Reserve released its report on industrial production and capacity utilization in the month of October, showing that industrial production unexpectedly fell while capacity utilization fell more than expected. The report showed that industrial production fell 0.5 percent in October following an upwardly revised 0.2 percent increase in September. The decrease came as a surprise to economists, who had expected production to edge up 0.1 percent. The Federal Reserve added that the capacity utilization rate fell to 81.7 percent in October from an upwardly revised 82.2 percent in the previous month. Economists had been expecting a more modest decline to an 82.0 percent rate.
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