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Gold Posts Weekly Gain, Bullard Speaks For Doves

Gold futures rose Friday after a Federal Reserve official said soem members see no need for further rate hikes.

St. Louis Fed President James Bullard said the minutes of the most recent Fed meeting incorrectly reported that "all participants" find the need for rate hikes. "I'm not quite sure the source of the statement," Bullard said.

"Year-over-year core CPI is now above 2 percent but it was also above 2 percent all during 2016, and so it's really only come back to the level that it was in that earlier period when interest rates were much lower," Bullard told reporters following a speech at Washington University in St. Louis, Missouri, according to CNBC.

June gold climbed $6, or 0.5%, to settle at $1,347.90/oz, for a weekly gain of 0.3%.

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