NEW YORK (Commodity Online) : Gold prices extended gains while oil dropped at the end of this week's trade in New York.

US gold futures for delivery in August gained $8, or 0.7 per cent, to $1,230.20 on the Comex in New York. The metal gained 1 per cent this week.

Oil prices retreated Friday after a plunge in US retail sales triggered fears about the pace of economic recovery in the world's largest energy consuming nation.

Light sweet crude for delivery in July; shed $1.70 to $73.78 a barrel. It briefly topped $76 in intra-day trade on Thursday. London's Brent North Sea crude for July dipped 94 cents to $74.35 a barrel.

Meanwhile, hholdings in the SPDR Gold Trust, the biggest ETF backed by bullion, rose 7.61 metric tons to a record 1,306.14 tons yesterday.

Silver futures for July delivery fell 12 cents, or 0.7 per cent, to $18.231 an ounce on the Comex, capping a 5.4 per cent gain for the week.

Platinum futures for July delivery fell $1.20, or 0.1 per cent, to $1,535 an ounce. The metal fell 0.6 per cent this week. Palladium futures for September delivery lost 75 cents, or 0.2 per cent, to $448.55 an ounce. The metal gained 4.1 per cent this week.

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