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Weekly COMEX Gold Review

Gold for August delivery scaled an intraday high of $1,322.50 and a low of $1,307.10 an ounce. Gold futures edged up to end higher for a third session in a row on Friday, following yesterday`s surge of more than three percent, with the Federal Reserve`s assurance to hold rates at a record low for an extended period and amid the ongoing escalating violence in Iraq. Gold prices gained about 3.3 percent for the week.

On Thursday, gold futures ended surged over 3.3 percent to end at a two-month high on the safe haven appeal of the precious metal with the ongoing conflict in Iraq and Fed`s move to hold rates near zero for an extended period of time. Holdings of SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, remained unchanged at 782.62 tons on Friday from its previous close.


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