All precious metals except palladium advanced on Friday, contributing to their weekly gains. Gold experienced its best weekly increase since early April. Continuing its fourth consecutive day of gains, gold for August delivery edged up by 60 cents, or 0.03%, to close at $1,964.40 an ounce on the Comex division of the New York Mercantile Exchange. Similar to the previous two sessions, this settlement marked gold’s highest since June 16. "With inflation backing off, anticipation of further rate hikes has slightly declined, helping gold this week," Reuters quoted Daniel Pavilonis, senior market strategist at RJO ... (full story)