Currencies

Gold futures closed higher Friday, shrugging off earlier weakness, to sweep to a fourth straight week in a row of gains. Gold for December rose 0.5% on Friday, or $8.30, to settle at $1,815.50 an ounce on Comex. For the week, the most-active contract gained 1.3% to clinch its longest stretch of weekly gains since Dec. 31, 2021, according to Dow Jones Market Data. A key focus of the week was U.S. consumer inflation data that showed signs of easing, while still extremely elevated at a 8.5% annual rate in July, versus 9.1% a month ago. The ICE US Dollar index was up 0.5% on Friday against a basket of rival currencies, but was still headed for a roughly 0.9% weekly decline, according to FactSet data. A weaker dollar can bolster the appeal of gold, since it eases costs for buyers using other currencies.

Treasury yields pull back as a U-turn on fiscal policy by the U.K. government sparks a rally in British bonds, while traders monitor Credit Suisse and U.S. data weakens.

The dollar wrapped up its biggest quarterly climb in at least seven years on Friday, along with its largest four-month advance since November 2008 --- the latest chapter in what has been a historic year for the greenback.

Treasury chief Kwasi Kwarteng said Monday that he will not scrap the top 45% rate of income tax paid on earnings above 150,000 pounds ($167,000) a year. "We get it, and we have listened," he said in a statement.

The skyrocketing dollar—and collapsing foreign exchange rates, including the pound, euro, yen and others—is good for retirees, and future retirees