Gold Ends Higher On Weak Dollar; Gains 0.3% For Week
Washington (June 27) Gold futures ended higher on Friday, due mainly to a weak dollar with investors looking for fresh triggers after a recent run-up in bullion prices.
Nonetheless, the gains were limited with markets continuing to closely monitor the situation in Iraq where the parliament is scheduled to meet on Tuesday to discuss the process of forming a new government.
Gold futures gained about 0.3 percent for the week -- the fourth consecutive week of gain for the precious metal.
Hawkish remarks from a top Federal Reserve official also weighed on gold prices. St. Louis Fed President James Bullard in an interview on the Fox Business Network Thursday said U.S. inflation looks likely to rise back to 2 percent later this year, which may allow the Fed to hike interest rates by end of the first quarter 2015.
Gold for August delivery, the most actively traded contract, gained $3.00 or 0.2 percent to close at $1,320.00 an ounce on the Comex division of the New York Mercantile Exchange on Friday.