Gold Notches Biggest Weekly Gain Since 2011, US Bullion Coins Mixed

SAN FRANCISCO (July 14) Gold settled lower Friday for the first time in five sessions but still scored the biggest weekly percentage gain in almost two years.

Gold for August delivery shed $2.30, or 0.2%, to end at $1,277.60 an ounce on the Comex in New York. The precious metal in the prior session soared $32.50, or 2.6%, to reach the highest price since June 21.

For the week, gold jumped $64.90, or 5.4%. Gains were mostly attributed to weakness in the U.S. dollar with mid-week support from bullish-taken FOMC news and comments from Federal Reserve Chairman Ben Bernanke that reiterated a loose monetary policy.

"Gold, like many other assets, is ebbing and flowing in reaction to stimulus assumptions," MarketWatch quoted Jonathan Citrin, founder and executive chairman at investment firm CitrinGroup. And this week, Federal Reserve Chairman Ben Bernanke and crew "leaned once again toward loose policy."

The weekly increase was the first in four weeks and the best since October 2011. And gains could continue, according to some analysts and traders. New gold surveys were more bullish.