Gold prices edged lower on Monday, giving back its gains from last week. A sharp drop in crude oil prices led a broad decline for commodities.

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Gold prices showed a strong upward move during trading on Friday, more than offsetting the steep decline that was seen on Monday. The price increase came despite some strength in the value of the U.S. dollar.

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Gold prices showed a lack of direction over the course of the trading day on Thursday, eventually ending the session moderately higher. With the choppy trading, the price of gold remained stuck in a recent trading range.

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Gold was little changed on Wednesday in U.S. trading as the dollar recouped some of its recent losses against other major currencies, limiting the metal’s hedge value.

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After seeing moderate weakness in the previous session, the price of gold showed a strong move back to the upside during trading on Friday.

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Gold prices fell on Friday as the dollar rebounded versus other majors, reducing the need to invest in the precious metal as a hedge outlet. The metal lost a little more than 1% for the week.

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Gold prices saw notable strength on Friday, boosted by a weaker U.S. dollar. The rise pared losses seen earlier in the week.

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Gold prices finished slightly lower as profit-takers collected on a recent rally to a six-week high. The metal still finished the week with a moderate gain.

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Gold slipped off a five-week high on Tuesday as traders mulled over day one of testimony from Federal Reserve Chairman Ben Bernanke.

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Gold prices finished slightly lower on Thursday morning as profit takers capitalized on a three-session winning streak. A weaker dollar limited the metal’s losses.

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