Gold drops 2% for the week; oil settles below $94

San Francisco (Aug 22)  Gold futures rose for the first time in more than a week, but are still down 2 percent, their worst weekly decline in a month.

Gold for December delivery rose $4.80 to settle at $1,280.20 an ounce.

The precious metal firmed after Federal Reserve Chairwoman Janet Yellen said the economy is getting closer to the Fed’s goals of full employment and stable inflation.

The debate at the central bank is now moving toward when the Fed should begin to raise interest rates, said Yellen in her speech at the annual gathering of central bankers in Jackson Hole, Wyoming.

In other metals, September silver slipped 0.2 percent to $19.39 an ounce. October platinum fell 80 cents to $1,418.50 an ounce, while September palladium picked up 0.9 percent to $887.60 an ounce.

High-grade copper for September delivery gained 0.9 percent to $3.21 a pound.

In energy markets, U.S. oil futures fell today and were on track for a fifth straight week of declines, while Brent remained under pressure on a strong dollar and plentiful supplies.

U.S. crude for October ended down 31 cents to finish the session at $93.65 a barrel, the longest streak of weekly drops since November 2013. Brent crude dipped 30 cents to $102 a barrel.

Higher inventory at Cushing, Oklahoma, pushed the markets lower today after stocks in the delivery point for the U.S. oil contract fell to six-year lows earlier this month.

Source: ProactiveInvestor