Gold set for second weekly gain on weak dollar Gold set for second weekly gain on weak dollar
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Gold set for second weekly gain on weak dollar

Gold set for second weekly gain on weak dollar

Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 5.34am GMT

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Gold prices edged higher on Friday, set for a second consecutive weekly gain, as the US dollar tumbled and recent economic data prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle, state news agency WAM reported.

Spot gold was up 0.1 per cent at $2,042.01 per ounce, as of 05.34GMT, hovering near a one-year high reached on Thursday.

US gold futures rose 0.1 per cent to $2,056.70.

Spot silver rose 0.5 per cent to $25.90 per ounce, hitting a one-year peak earlier, while platinum gained 0.5 per cent at $1,051.93.

Both metals were bound for a fifth straight weekly gain.

Read: Dubai to launch new gold and silver coins

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