WASHINGTON (dpa-AFX) - Gold prices rose Friday despite chatter from the Federal Reserve indicating that a rate hike may still be on the table for September.
Earlier in the week, NY Fed President William Dudley said a rate hike was less compelling given recent market volatility.
However, Federal Reserve Vice Chairman Stanley Fischer said he will reserve judgment. 'It is too early to tell...I wouldn't want to go ahead and decide right now what the case is - more compelling or less compelling etc.'
Loretta Mester, president of the Federal Reserve Bank of Cleveland, says we are due for a marginal increase in rates.
'I want to take the time I have between now and the September meeting to evaluate all the economic information that's come in, including recent volatility in markets and the reasons behind that,' Mester said. 'But it hasn't so far changed my basic outlook that the U.S. economy is solid and it could support an increase in interest rates.'
At last check, Gold for December rose $11 to $1134 an ounce, but was down more than 1 percent for the week.
Copyright RTT News/dpa-AFX