Gold inches up on Federal Reserve's assurance

LONDON (July 20) Gold futures rose on Friday after investors' sentiment was soothed by Federal Reserve's assurance of tapering economic stimulus. The yellow metal also improved on the declining global equity markets and the dollar weakening against some major currencies.

Gold futures for August delivery settled up 0.7 percent to $1,292.90 an ounce on the Comex division of the New York Mercantile Exchange. While Spot gold rose 0.8 percent to $1,295 an ounce.