Gold hits one-week high on bargain hunting
Gold prices rose to a one-week high as bargain hunting emerged after a recent drop to a two-month low. Traders assessed potential Federal Reserve interest rate hikes and watched Treasury yields.
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Gold rose 1.5% to $4,194.36 per ounce during Friday afternoon trading, heading for a weekly gain of 1.3%. The metal rebounded from a two-month low touched earlier in the week as bargain buyers stepped into the market. Bullion is finding solid support near the $4,000 threshold despite ongoing discussions over monetary policy in the United States.
