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Gold Ends Week Up 1.6%

Gold prices were flat Friday, holding recent gains thanks to the precious metal's safe haven appeal.

Geopolitical tensions and a series of disastrous storms have helped drive gold prices to their highest in just over a year.

A weaker dollar amid uncertainty over the next Federal Reserve rate hike has also lifted gold prices.

Dec. gold climbed 90 cents, or less than 0.1%, to settle at $1,351.20/oz. Gold was up 1.6% for the week.

In economic news, U.S. wholesale inventories rose by more than anticipated in the month of July.

The Commerce Department said wholesale inventories climbed by 0.6 percent in July, matching the downwardly revised increase in June.

Economists had expected inventories to rise by 0.4 percent compared to the 0.7 percent increase originally reported for the previous month.

by RTTNews Staff Writer

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