Gold to record 4th weekly gains on lower dollar

Gold prices firmed today, Friday, and heading for the fourth consecutive weekly increase, in light of the weakness of the US dollar, which was pressured by the increase in the yield on Treasury bonds, as well as expectations of a US interest rate hike.

Spot gold prices rose to $1789.81 an ounce by 0319 GMT, and increased during the week by about 1%.

US gold futures fell 0.2 percent to trade at $ 1804.20 an ounce, Reuters reported.

Meanwhile, the US dollar is about to incur its third consecutive weekly loss, which makes gold less expensive for holders of other currencies.