Gold prices set for weekly gains on lower dollar

Gold prices rose on Friday as the US dollar extended decline, so the yellow metal heads for second weekly gains in a row.

According to Reuters, spot gold futures advanced 0.4% to trade at $1857.79 per ounce by 0802 GMT.

The US gold futures also soared 0.4% to $1855.5 per ounce, while the precious metal surged 0.7% the week-to-date.

It is worth noting that the recent Federal Reserve meeting minutes shed the light on higher expectations of another rate hike of 50 pbs.