Metals Stocks: Gold ends lower, but books best weekly gain since July

Gold futures on Friday settled with a loss, but booked the strongest weekly advance in about two months as the precious metal scored a boost from central-bank moves, including the Federal Reserve’s decision to hold off on hiking interest rates in September.

December gold GCZ6, -0.27% slipped $3, or 0.2%, to settle at $1,341.70 an ounce, cutting its weekly advance down to 2.4%. That was still the biggest weekly gain since the week ended July 29, according to FactSet data.

“With the Fed confirming what we already know—that rates don’t have a prayer of going up until December—gold should continue to perform well until the end of the year, at which point, re-evaluation will be necessary,” said Adam Koos, president of Libertas Wealth Management Group.

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