The gold price today stabilized. On Friday evening, it was at 1810 dollars per troy ounce, which might show the longest weekly growth since the beginning of the year, trading data show.

Gold price analysis

December gold futures on the New York Comex rose by $3.95, or 0.22%, to $1,811.5 a troy ounce. Silver futures for September delivery rose 0.76 percent to $20,503 an ounce.

Gold has gained 1% since the beginning of the week, which could mark the fourth consecutive week of gains for the precious metal – the longest weekly rise since the start of the year. Gold was worth about $1,700 an ounce in mid-July.

Traders’ main focus this week was on expectations for the U.S. Federal Reserve’s (Fed) further monetary policy. The regulator raised its key rate twice in the summer by 75 basis points. But after data showed U.S. annual inflation slowed to 8.5 percent in July, with a forecast of 8.7 percent, markets began laying out a 50 basis point hike in September.

“While gold is certainly supported by the tailwind at the moment, the precious metal’s upside potential may be limited by the Fed,” MarketWatch quoted Kinesis Money market analyst Rupert Rowling as saying.

Earlier we reported that U.S. Treasury Department to discuss with Brazilian counterparts restrictions on international oil prices from Russia.