WASHINGTON (dpa-AFX) - Gold futures settled higher on Friday, and recorded their second straight weekly gain, amid bets the Federal Reserve will start lowering interest rates in September.
A subdued dollar helped the yellow metal's cause. The dollar index dropped to 103.03 around mid morning, and recovered slightly to 103.13 subsequently, but still remained below the flat line.
Investors also monitored the latest developments in the Middle East after the U.S., Qatar and Egypt called for a new round of cease-fire talks to end the war in Gaza.
Gold futures for August ended up by $9.90 or about 0.41% at $2,432.10 an ounce. Gold futures gained 0.26% in the week.
Silver futures for August ended marginally down at $27.487 an ounce. Silver futures shed about 2.7% in the week.
Copper futures for August climbed to $3.9880 per pound, gaining $0.0330.
Although the U.S. central bank is widely expected to start lowering rates, some analysts are of the view that the bank may not be aggressive with regard to easing its stance after data showing a bigger than expected drop in jobless claims suggests the labor market remains fairly strong.
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