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Gold Dips as Dollar Shines (Update 1)

Updated from 9:12 a.m. ET with settlement prices

NEW YORK ( TheStreet) -- Gold prices slipped for the first time this week as the U.S. dollar gained against a basket of foreign currencies.

Gold for August delivery at the COMEX division of the New York Mercantile Exchange closed off $2.30 to $1,277.60 an ounce. The gold price traded as high as $1,287.40 and as low as $1,266.40 an ounce, while the spot price was down $7.96.

The slight dip in prices on Friday after one of the best performing weeks for the yellow metal in 2013 also signaled that traders were taking some profits ahead of the weekend, George Gero, precious metals strategist at RBC Capital Markets, wrote in a note.

Silver prices for September delivery dropped 16 cents to $19.79, while the U.S. dollar index was gaining 0.27% to $82.97.

-- Written by Joe Deaux in New York.

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