RTTNews - Gold prices continued to benefit from a weaker dollar and moved to a two-month high on Friday in U.S. trading. Trading took place ahead of a three-day Memorial Day weekend.
June settled at $958.90, up $7.70 for the session. Prices touched as high as $963.10, the metal's highest mark since mid-March.
For the week, June gold added more than $27.60 per ounce, its third straight weekly advance. The metal has gained $67.70 in May on fears of inflation.
The dollar continued its decline against other majors. The greenback hit its lowest levels of 2009 against both the euro and sterling as traders favored higher-yielding currencies in hopes of an improved global economy. The buck also fell to a two-month low versus the yen.
There was no major economic news on the schedule ahead of the long weekend. When traders return to work on Tuesday, however, there will be a busy week of economic news awaiting.
On Friday, President Barack Obama signed a major regulatory overhaul for the credit card industry, after the legislation flew through congress this week. The new rules for the largely unregulated credit card industry are designed to protect consumers from surprise charges and rate increases.
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