2017.03.2413:50:00UTC+00Gold Up 1.5% This Week As Rate Hike Outlook Remains Murky

Gold futures inched higher Friday, adding to weekly gains amid concerns about gridlock in Washington, DC, geopolitical tensions, and slumping equities.

Renewed speculation that the Federal Reserve will be very cautious in raising interest rates has also given the precious metal a boost.

Speaking today, St. Louis President James Bullard said "the Fed's policy rate can remain relatively low while still keeping inflation and unemployment near goal values."

April gold settled at $1,248.50/oz, up $1.30, or 0.1%, for a weekly gain of 1.5%. At one point this week, gold touched its highest since late February.

In economic news, the Commerce Department released a report on Friday showing that new orders for U.S. manufactured durable goods shot up by more than anticipated in the month of February.

Orders jumped by 1.7 percent in February after surging up by a revised 2.3 percent in January.