Gold futures book second-weekly gain in a row

Gold futures settled higher on Friday to notch a second-straight weekly gain, as weakness in global equities helped to boost the metal’s haven appeal.

A higher finish for the dollar on the week, kept a cap on any gains for gold, however.

August gold GCQ6, +0.31% tacked on $3.20, or 0.3%, to settle at $1,275.90 an ounce, finishing at the highest level in more than three weeks. For the week, prices gained 2.7%.

Gold is now “firmly” above $1,260 an ounce and ‘on its way to test the $1,300-level again, probably as early as next week,” said Nico Pantelis, head of research at Secular Investor. “This is a strong move, as it occurs with a rising U.S. dollar.”

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