Gold prices settle higher, mark first weekly gain in 7 weeks

Gold prices climbed Friday, marking their first weekly rise in seven weeks, as the benchmark dollar index looked set to suffer its biggest weekly percentage loss since February following U.S. Federal Reserve Chairman Jerome Powell’s speech at the annual Fed symposium in Jackson Hole, Wyo. Powell said gradual interest-rate hikes remain appropriate but also said he was prepared to "do whatever it takes" to avoid another financial crisis. December gold GCZ8, +1.51% rose $19.30, or 1.6%, to settle at $1,213.30 an ounce. It settled at its highest in three weeks, up about 2.5% for the week.

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Gold rallies to score first weekly gain since early July

Gold prices storm higher Friday to score their first weekly advance in seven weeks as the U.S. dollar extended its losses in the wake of a closely followed speech from Federal Reserve Chairman Jerome Powell.

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