Gold futures inched higher on Friday, posting a loss for the week a day after tapping their lowest intraday level since May. Gold held its own “despite all the central bank fireworks and as stocks had the best week since March,” said Edward Moya, senior market analyst at OANDA. “A gold plunge did not occur as the hawkish FOMC statement and staff projections were followed by a hesitant [Fed Chairman Jerome Powell] that refused to commit to a July hike,” he said. Gold for August delivery GCQ23 inched up by 50 cents, or less than 0.1%, to settle at $1,971.20 an ounce on Comex. Prices based on the most-active contract ended the week with a decline of 0.3%, according to Dow Jones Market Data.
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