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Aug. 12, 2022, 1:45 p.m. EDT

Gold prices sweep to fourth week of gains Friday, the longest streak since December

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By Joy Wiltermuth

Gold futures closed higher Friday, shrugging off earlier weakness, to sweep to a fourth straight week in a row of gains. Gold for December /zigman2/quotes/210034565/delayed GC00 +1.26% 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 /zigman2/quotes/210598269/delayed DXY -0.63% 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.

US : U.S.: Nymex
$ 1,983.00
+24.60 +1.26%
Volume: 148,553
June 8, 2023 11:02a
US : U.S.: ICE Futures U.S.
-0.65 -0.63%
Volume: 0.00
June 8, 2023 11:02a

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