Gold Scores Third Straight Weekly Gain and Biggest in Three Months

Gold prices rose on Friday to finish their best week since late May after remarks by the Federal Reserve Chairman Jerome Powell only assured what we know from the FOMC July meeting minutes that the central bank sees tapering before the end of the year.

The yellow metal’s front-month contracts leveled up by $24.40 or 1.36% to close at $1,816.6 per ounce and restore the key $1,800 level.

For the week, gold futures gained 2%, maintaining a rising trend for the third consecutive week and the best weekly rise since the week to May 21.

Powell’s remarks were not a shock to the market and some viewed the tone as not too hawkish in a way that is bordering on dovish.