Gold dropped almost two percent to a near six-year low on Friday, marking a sixth straight weekly decline under pressure from a firm U.S. dollar and prospects of a U.S. interest rate rise in December. Spot gold hit $1,052.46 an ounce, its lowest since February 2010 and down about 2 percent for the week. U.S. gold futures hit a six-year low of $1,051.10 an ounce before closing down 1.3 percent at $1,056.20 and slipping to a sixth straight weekly decline.

Black Friday Fizzles

Black Friday was darker than expected. The holiday shopping rush that kicked off on Friday gave no indication that a revival in retail stocks is likely anytime soon and keeping investors under pressure from reduced market activity.

Crowds at U.S. stores and shopping malls in the early hours of Black Friday and on Thanksgiving evening were slimmer than usual, with shoppers seeking early holiday discounts more cautiously than usual.

A drop in the stock prices of major department stores such as Macy’s (M) and Sears (SHLD) exposed a shift by consumers away from discretionary items such as designer-label clothes and cosmetics toward smartphones, televisions, home goods and travel, in addition to a continued migration to online shopping.

Upcoming ECB Decision

Investors will be watching for the ECB decision and U.S. jobs report this week. The U.S. dollar rose against most of its major rivals Friday, pushing the euro below $1.06 in a low-volume trading session. Overnight trading showed Chinese equities dropping with the Shanghai Composite Index recording its biggest one-day drop since Aug. 25 which pushed the yen lower.

The dollar traded at Yen122.82 in Friday afternoon New York trade, compared with Yen122.65 late Thursday in New York.

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