Gold is on track for weekly gains as the dollar weakens


Gold rose for the fourth consecutive session on Friday, supported by a weak dollar, while inflationary pressures boosted demand for the precious metal as a safe haven.
Spot gold rose 0.5% to $1,790.91 an ounce by 08:59 GMT.US gold futures rose 0.6% to $1,792.

The dollar index is heading down for the second week, making gold more attractive to holders of other currencies.

“There is a rise in inflation expectations and that has supported gold, along with a weak dollar,” said Saxo Bank analyst Ole Hansen, adding that gold is making another attempt to cross the $1800 threshold.

As for other precious metals, silver rose 0.7% to $ 24.30 an ounce, on its way to the fifth consecutive week of gains.

Platinum jumped 0.9% to $ 1057.91, and palladium fell 0.3% to $ 2011.59.





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