Worst weekly decline for gold in a month
It was mixed finish for bullions on Friday, 22 August 2014 at Comex. Gold futures rose on Friday following a string of losses. The precious metal firmed after Federal Reserve Chairwoman Janet Yellen said the economy is getting closer to the Fed's goals of full employment and stable inflation. Reports of NATO's concerns over the buildup of Russian forces near Ukraine also propped up gold.
Gold for December delivery rose $4.80 to settle at $1,280.20 an ounce but are still down 2%, their worst weekly decline in a month.
September silver slid 3 cents, or 0.2%, to $19.39 an ounce.
The debate at the central bank is now moving toward when the Fed should begin to raise interest rates, said Yellen in her speech at the annual gathering of central bankers in Jackson Hole, Wyo.
Gold futures have declined in the previous five sessions, in part as a hawkish tone at the Fed's meeting in late July resulted in dollar strengthening. A stronger greenback makes dollar-denominated assets such as gold more expensive for holders of other currencies. Also, tighter monetary policy tends to be negative for gold, which has benefited in recent years from unconventional monetary policy measures by major central banks.
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