Gold futures rise, head for weekly gains

Gold futures settled with a gain on Thursday to turn higher for the week after ending the previous session at their lowest since late May. Traders may now have an eye on the U.S. inflation data on Tuesday, a day ahead of the Federal Reserve’s monetary policy announcement, said Craig Erlam, senior market analysis at OANDA. “These events may ultimately determine whether gold breaks higher once more, with potential record high ambitions or continues to correct lower, having so far fallen almost 7% from the March highs.” Gold for August delivery
GCQ23,
+0.02%
climbed by $20.20, or 1%, to settle at $1,978.60 an ounce on Comex after losing 1.2% on Wednesday. Prices for the most-active contract trade nearly 0.5% higher for the week so far.