Holdings in the biggest gold exchange-traded fund showed a modest decline, which also weighed on gold prices Friday. The U.S. dollar strengthened amid the Group of 20 meeting in Pittsburgh, also pushing dollar-denominated gold prices lower. The most active December gold futures fell $10.70, or 1.1%, to $988.20 an ounce on the Comex division of the New York Mercantile Exchange. The thinly traded September contract lost $9.50, or 1%, to $988. Both contracts are set to end the week down more than 2%. Oil futures had tumbled 8% in the previous two sessions to the lowest level in nearly two months. They were trading lower again Friday, heading for a weekly loss of about 9%. Holdings in SPDR Gold Trust (GLD 96.97, -0.58, -0.60%) , the biggest gold ETF, fell to 1,094.11 metric tons Thursday, down 7.62 metric tons from the previous session. Holdings, however, have increased 32 metric tons this month. "The price of gold could fall further if short-term-oriented market players square their long positions now that prices have dipped below $1,000," said analysts at Commerzbank in a note. "A sharper fall in prices should be prevented by the physical demand in the run-up to the festive and wedding season in India." In other metals, December silver sank 8 cents, or 0.5%, to end at $16.215 an ounce, and October platinum declined $8.50, or 0.7%, to $1,300 an ounce. December palladium fell $2.90, or 1%, to $295 an ounce.

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