Gold price edges higher for the session, falls for the week

New York (June 17)  Gold prices on Friday edged up from the three-week low it struck a day earlier but the downbeat tone, in the wake of signals from the Federal Reserve for another increase to interest rates this year, sent the yellow metal down for a second-straight week.

Gold gained modestly in the short term, in part as a closely watched dollar index DXY, -0.33% slipped, making the metal more attractive to investors using another currency.

Downbeat U.S. data Friday, with construction for new houses down in May and a June drop in consumer sentiment, and optimism for China’s economy after a round of monetary stimulus from its central bank, underpinned gold on Friday as well.

Source: MarketWatch