Gold futures took a sharp plunge on Friday as the precious metal was pressured down by a rising U.S. dollar which lowered investors' demand.

Gold for June delivery dropped $27.70 to end at $915.20 an ounce on the Comex division on the New York Mercantile Exchange. The metal posted a loss of $11.80 this week, from last Friday's closing level of $927 an ounce.

On Thursday, gold futures fell $5.40 to end at $942.90 an ounce.

The dollar rose against the euro and the yen on speculation that financial companies will survive the credit crisis.

Citigroup Inc., the biggest U.S. bank by assets, reported a $5.11 billion first-quarter loss, lower than what more analyst had estimated. Citigroup shares rose as much as 20 percent in late afternoon trading

Internet giant Google also posted stronger-than-expected results, with net income jumping 31 percent to $1.31 billion for the first quarter.

The dollar soared against most major counterparts, rising against the yen as improved earnings and stock market gains sharpened investors' risk appetite.

The dollar index, which tracks the performance of the greenback against a basket of other major currencies, rose 0.8 percent at 72.14.

Also on the Nymex, May silver futures fell 49 cents to end at $17.82 an ounce, while July platinum futures gained $9.80 to finish at $2,071.30 an ounce.

June palladium rose $12.20 at $473.40 an ounce. May copper lost 2 cents to end at $3.89 a pound.

Precious metal Investment Citigroup Gold