Gold Scores Third Weekly Rise in Row

Gold prices rose on Friday to maintain its rising trend for the third consecutive week, amid increased demand for safe havens due to concerns about the economic recovery.

A decline by the U.S. Dollar (USD) across the board also provided support to the yellow metal amid a decline in the Treasury bond yields.

Gold futures for August delivery gained $10.40, or 0.58%, to settle at $1,810.60 per ounce, the highest settlement value for the contract since June 16.

For the week, gold’s most active futures rose by $27.40, or 1.53%.

This marked the biggest weekly gain for gold futures since May 21.