Gold settled higher on Friday to tally a modest gain of 0.3% for the week, buoyed by an overall decline in the U.S. dollar for the week.
Losses for the U.S. benchmark stock indexes Friday, as gold futures settled, also helped to boost investment demand for the precious metal. "We continue to expect the greenback to decline further over time as expectations over [Federal Reserve interest] rate hikes diminish," said Fawad Razaqzada, market analyst at Forex.com.
"What's more, we think there is a good chance equity markets will struggle this year, as companies may struggle to sustain the same levels of profitability we have seen over the years due to the recent weakness in economic conditions around the world."
February gold settled at $1,289.50 an ounce, up $2.10, or 0.2% for the session.
Source : Market Watch