Gold fell in New York, capping a second straight weekly loss, as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.
Gold climbed to a record for the third time this week as investors stepped up demand for a haven from financial turmoil. Silver futures rose to the highest closing price since 1980.
Cocoa futures climbed to the highest price in eight weeks in New York on signs of increasing demand for chocolate. Coffee also rose.
Gold futures rebounded after investors snapped up the precious metal as an alternative to currencies following a decline from a record. Silver also gained.
"There are some people who believe the Fed won't raise rates at all in 2015."
- Adam Klopfenstein on Jan 12, 2015