It was another bumpy week for gold prices that included two-week lows and a surge to seven-month highs.

On Thursday, December gold futures increased $26.90 (1.5%) and settled at $1,780.50 an ounce on the COMEX.

This represented gold's highest close since the end of the February.

As the week comes to an end and traders waited for more news from Spain, December gold was down on Friday morning to $4.10 to $1,776.40 an ounce.

Gold's price moves came from a number of factors this week including bargain hunters and weak U.S. macroeconomic data.

The bottom line is that the QE3 rally might have fizzled, but the long-term gold outlook still shines brightly.

Here's why.

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