Gold prices ended slightly higher this week, supported by the uncertainty surrounding the future pace of the US Federal Reserve's asset buys.
Spot gold hovered around $1,312 (£845.74 , €983.51) an ounce, and gained 0.2% in the week ending 10 August. US gold futures for December delivery settled at $1,312.30 an ounce, Reuters data showed.
Gold prices initially fell to a three-week low on rumours that the Fed could begin pruning its $85-billion-a-month bond-buying programme in September.
Market participants await clarity on the timing of the Fed's planned slowdown of quantitative easing. However, comments from two top Fed officials on Tuesday failed to provide it.
Atlanta Fed president Dennis Lockhart said the initial cutback in the central bank's asset-buys could start at any of the three remaining Federal Open Market Committee (FOMC) meetings this year. Elsewhere, Chicago Fed President Charles Evans agreed that the central bank will possibly cut back on its bond-buying programme later in 2013.
courtesy of ibtimes.co.uk
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