Gold Foresees Best Week Since May

Gold was set on Friday for its best week in more than five months as a retreat in the U.S. dollar and Treasury yields lifted the shiny yellow metal’s appeal despite a looming Federal Reserve taper.

Spot gold held steady at $1,794.09 per ounce overnight Friday but was up 2.1% for the week so far. On Thursday, prices hit a one-month high of $1,800.12.

U.S. gold futures inched down 0.1% to $1,795.50.

Miner Barrick Gold (TSX:ABX, NYSE:GOLD) on Thursday reported a nearly 5% rise in third-quarter gold production from the previous three months, as output jumped at its Veladero mine in Argentina.

Spot silver fell 0.4% to $23.45 U.S. per ounce but was headed for its biggest weekly gain in seven.

Platinum eased 0.1% to $1,054.09 U.S., having hit a peak since Aug. 2 at $1,062.50 on Thursday.

Palladium rose 0.2% to $2,132.21 U.S.