Gold: Prices for Gold Stay at a 2-Month Low

January 21, 2011 Updated: October 1, 2015

A pure 12.5-kg gold bar (top) and 1 kg gold bars produced by South Korean metal refiner LS-Nikko are displayed at an exhibition center in Goyang, northwest of Seoul, on September 30, 2010. (Jung Yeon-Je/AFP/Getty Images)
A pure 12.5-kg gold bar (top) and 1 kg gold bars produced by South Korean metal refiner LS-Nikko are displayed at an exhibition center in Goyang, northwest of Seoul, on September 30, 2010. (Jung Yeon-Je/AFP/Getty Images)
Gold prices fell on Friday, meaning that the precious metal as posted a third consecutive loss in as many weeks after posting eight consecutive weekly gains.

For February delivery, gold fell 0.37 percent to $1,342.8 per ounce during afternoon trading on the Comex division of the New York Mercantile Exchange. For January delivery, gold prices went down to $1,343.

The week’s ending price is the lowest since Nov. 17.

"Folks are a little bit nervous about gold," Sterling Smith, a market analyst at Country Hedging, told the Wall Street Journal. "We've scared the bulls to the sidelines."

Silver posted moderate gains on Friday. March delivery lost 0.2 percent and settled at $27.427, the lowest since Nov. 29, the Wall Street Journal said.

Other metals with industrial uses such as palladium, platinum, and copper posted gains.