Gold prices slide to nearly 3 percent loss for the week amid increasing optimism about economy

Gold prices slide as safe-haven demand withers

NEW YORK — Gold prices are lower amid increasing optimism about the economy.

Other commodities, like oil and silver, are posting gains.

On Friday, stocks are modestly higher after wavering throughout much of the session on mixed economic data and corporate earnings reports. As risk appetite on Wall Street increases, gold prices have been suffering.

Gold’s decline has been truncated by a weaker dollar. Investors tend to flock to the precious metal as a hedge against inflation when the greenback is down.

Gold for June delivery is down $3 to $888.2 an ounce on the New York Mercantile Exchange. The precious metal has lost 2.8 percent for the week.