Gold futures finished sharply higher on Friday, after Fed Chairman Jerome Powell at Jackson Hole Economic Symposium affirmed that the time has come for the central bank to lower interest rates and adjust to a weaker labour market and slowing inflation. Moreover, weakness in dollar and decline in bond yield notes also kindled yellow metal rates. The yellow metal for the most active contract marked 0.34% gain for the week.
Gold futures for December delivery surge by $29.6 or 1.16% to $2,546.30 per ounce on the Comex division of the New York Mercantile. Spot gold rose by $27.84 or 1.12% to settle at $2,512.59 an ounce.