Gold is ready for weekly gain

Gold prices rose slightly on Friday as a weakening US dollar and fears of rising inflation and risks to economic growth counteracted rates on looming interest rate hikes, keeping gold on a slight weekly gain.

Spot gold rose 0.1% to $ 1,758.58 an ounce. US gold futures rose 0.1% to $ 1,759.

The dollar fell, which made gold cheaper in other currencies, which stimulated demand.

Gold was on track for its first weekly rally since September 3, up about 0.6% so far as the dollar’s decline on Thursday helped it rebound by about 2%.

Experts say the fall in the US dollar and declining bond yields are supporting gold, while investors are changing positions in the fourth quarter.

Gold stocks in Europe and Asia fell on fears of inflation and a possible slowdown in growth.

Silver added 1% to $ 22.42 an ounce.

Platinum rose 1% to $ 972.64 an ounce and palladium fell 0.27% to $ 1,904.60, both on track for a weekly decline.

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