Gold futures on the COMEX Division of the New York Mercantile Exchange retreated from 4-week high and dropped slightly on Friday as investors took profits ahead of weekend after a surprising surge in the previous session. Silver continued to gain and platinum ended lower.

Gold price for April delivery was down US$2.60, or 0. 3 percent, to settle at US$956.20 an ounce, touching as high as US$967.80 earlier in the session, the highest level in 4 weeks. Despite dropping for four of the five sessions this week, gold finished up 26.20 dollars, or 2.8 percent higher.

Gold rallied about US$70 per ounce, or 7.8 percent, after the US Federal Reserve announced on Wednesday afternoon it would buy US$300 billion in long-term Treasuries and purchase US$750 billion in mortgage-backed securities. This decision sparked inflation concerns and strengthened gold's appeal as a hedge against rising prices and a weak dollar.

Investors are accustomed to taking their profits ahead of weekend to hedge risk of uncertainty, especially when they faced an 8 percent yield in 2 sessions, said analysts.

The dollar index ended higher for the first time in recent 9 sessions, and the rate against euro hovered near US$1.3575, compared to Thursday's 10-week low of US$1.3736. A weak dollar pressured gold somewhat and helped the decline.

May silver closed at US$13.84 per ounce, up 32 cents. April platinum fell US$7.60 to US$1,114.20 per ounce.

(Xinhua News Agency March 21, 2009)