Gold Closes at Highest Level in Week

Gold prices rose on Wednesday and managed to finish net their highest level in about a week, supported by a muted performance by the U.S. Dollar (USD).

Recent remarks by the U.S. Federal Reserve Chair Jerome Powell that pointed to no plans to raise interest rates just to combat inflation concerns provided support for the yellow metal and safe havens as a hedge against inflationary pressures.

Gold futures for August delivery finished higher by $6, or 0.34%, at $1,782.30 per ounce.

This marked the best closing level for gold’s most active contract since June 16.