Gold Reached 7 Week High

Gold rose to seven-week peak on Friday on fund buying, triggered by high oil prices.

August delivery gold closed $2.10 at $440 an ounce on the New York Mercantile Exchange's COMEX division; the highest level since April 26, ranging between $437.10 and $441.30.

"There's a lot of fund buying and gold is strong as can be right now," said Scott Meyers, analyst at Pioneer Futures in New York, who added that some players felt there could be supply issues for the market down the road.