Gold traded slightly higher Friday, on track to post its biggest weekly gain since August following market turmoil that sent stocks reeling and pressured Treasury yields and the U.S. dollar.

Gold for February delivery on Comex rose $2.50, or 0.2%, to $1,246.10 an ounce, while March silver gained 0.2% to $14.545 an ounce. For the week, gold is up 1.6%, which would be the biggest such gain since a 2.5% rise in the week ended Aug. 24, according to FactSet. Gold is trading near a five-month high, trimming its year-to-date loss to 4.8%.

But the weekly gain has left some analysts unimpressed against a backdrop that saw a sharp selloff in global equities, a fall in the U.S. dollar and bond yields, and investors begin to scale back expectations for future interest-rate increases by the Federal Reserve.

Source : Marketwatch