Although gold closed modestly higher on the day, the precious yellow metal scored its second consecutive week of lower pricing. Gold futures opened on Monday at $1,281 per ounce and traded to a high of $1,286.

Now for the fifth trading day in a row, we have seen gold trade and close lower on the day. It began with Friday's dramatic plunge when gold opened at $1,305 and closed $26 lower at $1,279.

A combination of an active U.S. equities markets, coupled with a firm dollar, has kept gold pricing under pressure. Today the NASDAQ index has traded to a new all-time high.