Gold futures ended higher on Friday to build a gain for the week, after Federal Reserve Chairman Jerome Powell this week did nothing to dispel expectations for an interest rate cut later this month.
The recent dovish comments from the Federal Reserve are “helpful to gold,” said George Gero, managing director at RBC Wealth Management, in daily commentary. “Traders still buy good dips, so gold has seen bargain hunters active [during] each major setback recently.” Gold is likely to see a trading range of $1.400-$1,450 for now, he added.
Gold for August delivery on Comex rose $5.50, or 0.4%, to settle at $1,412.20 an ounce, and prices for the most-active contract tallied a weekly rise of 0.9%, FactSet data show. September silver added 9 cents, or 0.6%, at $15.236 an ounce, but logged a 1.6% weekly rise.
Source : Marketwatch