Gold futures edged higher Friday, on track to end an upbeat week on a positive note after Federal Reserve Chairman Jerome Powell did nothing to dispel expectations for a rate cut later this month and the U.S. dollar came under renewed pressure.
Gold for August delivery on Comex rose $2.90, or 0.2%, to $1,409.60 an ounce, and was on track for a weekly rise of 0.7%. September silver was off 0.1 cent at $15.145 an ounce, but on track for a 0.9% weekly rise.
Powell testified before Congress Wednesday and Thursday. The Fed chief offered no pushback against expectations that policy makers will move to cut rates when they meet July 30-31, with investors penciling in scope for further cuts later in the year.
Source : MarketWatch