SAN FRANCISCO (MarketWatch) — Gold futures closed with a slight gain on Friday, but suffered their largest weekly loss in 10 weeks on the back of increased chatter over the taper timing for the Federal Reserve’s stimulus program.

Gold for December delivery GCZ23, rose 50 cents to settle at $1,244.10 an ounce on the Comex division of the New York Mercantile Exchange. The February 2014 contract US:GCG4, which was also among the most active, ended at $1,244.60 an ounce, up 30 cents.

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Tracking the most-active contracts, futures prices for the yellow metal settled 3.4% lower for the week, FactSet data show. Prices haven’t lost that much in a week since Sept. 13, when they fell 5.6%.

December silver SIZ23, lost 7 cents, or 0.4%, to $19.86 an ounce. The March contract US:SIH4 ended at $19.90 an ounce, down 7.5 cents, or 0.4%. Futures prices for the white metal saw a loss of about 4.2% for the week.

On Thursday, gold futures came under pressure when mostly upbeat U.S. economic data, particularly on the employment front, were viewed as ramping up the possibility that the Federal Reserve would cut back on its stimulus program within the next few meetings.

For now, “gold’s selloff seems to be slowing around the $1,240 level, as the market may not want to get to ahead of itself regarding Fed tapering ideas,” said Jason Rotman, president of Lido Isle Advisors in Newport Beach, Calif. “We still may see a push down toward $1,225 sometime soon, especially if the early December [U.S.] jobs report is strong.”

Minutes from the Federal Reserve’s October meeting, released earlier this week, showed officials considered going back to a calendar date to end asset purchases or setting a total size to its bond buys. The asset-purchase program has been supportive for dollar-denominated gold prices.

‘Deafening’

Overall, the “negativity in gold trading is deafening right now,” said Adrian Ash, head of research at BullionVault.

“ ‘Negativity in gold trading is deafening right now.’ ” — Adrian Ash, BullionVault

“It hasn’t been this loud since 1999 — the very low of gold’s 20-year bear. The only conviction trade is to short it,” he said, adding that not even John Paulson can find a reason to add to his holdings.

This year has “shown that strong Chinese demand can’t outweigh the impact of Western fund selling,” at least not yet, he said, “but the world’s new No.1 buyers have raised their spending on gold even as economic growth has slowed.” Read Jeff Reeves’s column on 4 reasons why gold is poised for a comeback.

Contributing further pressure on gold prices has been a strong U.S. stock market. Equities traded mostly higher on Friday.

“The perception that the stock-market rally will continue and is sustainable through year’s end and perhaps into [the first quarter] of 2014 is creating the exodus out of gold, causing this price decline,” said John Person, president of NationalFutures.com. Volume is significant, confirming selling could continue to the next level of support around $1,200-$1,175, he said in an email.

Elsewhere in metals trading Friday, January platinum US:PLF4 fell $9, or 0.7%, to $1,382.70 an ounce, around 3.9% lower than a week ago.

Platinum prices will increasingly decouple from gold prices in 2014 and trade higher, analysts at HSBC, led by James Steel, said in research note dated Friday.

A tight supply picture will drive prices going forward, they said, as a modest forecast for mine supply increases next year won’t keep up with growth in the underlying industrial demand for the metal. Still, they lowered their average 2014 price forecast to $1,625 from $1,725.

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December palladium US:PAZ3 tacked on 80 cents, or 0.1%, to $714.05 an ounce on Friday and March palladium US:PAH4 closed at $716.35 an ounce, up 75 cents, or 0.1%. Prices fell around 2.5% for the week.

December high-grade copper HGZ23, added 2 cents, or 0.7%, to $3.214 a pound, while the March copper contract HGH24, ticked up by 2 cents, or 0.6%, to $3.22 a pound. Prices for the industrial metal saw a gain of around 1.2% for the week.

In afternoon trading, metals-mining shares were lower and set for sizable losses on the week. The Philadelphia Gold and Silver Index XAU, -1.65% shed 1%, trading down 6.8% from last Friday’s close. The NYSE Arca Gold Bugs index HUI, -1.82% fell 0.6%, on track for a weekly loss of 7.5%.