Gold turns higher, settles with 3.1% gain on the week

Gold futures turned higher during Friday’s final minutes of trading to climb a dime for the session and tally a more than 3% gain for the week.

Gold for June delivery GCM5, -0.18%  tacked on 10 cents to settle at $1,225.30 an ounce on Comex. That was the highest settlement in about 3 months.

Tracking the most-active contracts, prices climbed 3.1% for the week.

July silver SIN5, +0.34%  added 9.8 cents, or 0.6%, to $17.563 an ounce. Prices were 6.7% higher for the week.

Comex gold prices got a boost from weakness in the U.S. dollar DXY, -0.17%  this week. On a technical basis, prices are in a “bear trap,” said Julian Phillips, founder of and contributor to GoldForecaster.com.

That means “the traders going short could become naked and have to run to cover themselves,” he said. Phillips expects to see “short covering and momentum buying” if gold stays above $1,220.

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