Gold prices edged slightly higher in abbreviated trade ahead of the holiday weekend on Friday, but the precious metal still posted its seventh straight weekly decline as expectations for higher U.S. interest rates in the months ahead weighed.

Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $2.90, or 0.26%, to end the week at $1,133.60 a troy ounce, not far from an 11-month low of $1,124.30 touched on December 15.

For the week, gold futures slumped $3.80, or 0.33%, the seventh straight week of declines, its longest weekly losing streak in more than 12 years.

Prices of the yellow metal have fallen sharply since Donald Trump was elected president as a soaring U.S. dollar, rising Treasury yields and a record-breaking rally on Wall Street have damped its appeal.

The greenback lost some steam on Friday, slipping from its 14-year-high against a basket of currencies as investors took profits ahead of the end of the year.

The dollar index dipped 0.1% to settle at 103.00 by close of trade Friday. The index climbed to 103.62 on Tuesday, the strongest level since December 2002.

Market analysts warned that the outlook for gold remains cloudy in the near-term, given expectations for higher U.S. interest rates in the months ahead.

The Federal Reserve hiked interest rates for the first time in a year earlier this month and projected three more increases in 2017.

The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.

Both a strong dollar and higher interest rates are typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.