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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

Gold futures closed higher Friday, shrugging off earlier weakness, to sweep to a fourth straight week in a row of gains. Gold for December (NYM:GCZ22) (NYM:GC00) 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 (IFUS:DXY) 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.

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