Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal.
Gold prices inched higher on Friday and were on track for their first weekly rise in three, as a broadly weaker U.S. dollar and growing tensions in the Middle East lifted bullion's appeal.
Spot gold was up 0.1% at $2,025.7 per ounce, as of 0411 GMT, and has gained 0.7% so far in the week.
Tension mounted in the Middle East as Yemen's Iran-aligned Houthis claimed responsibility for an attack on a UK-owned cargo ship, and they targeted Israel's port and resort city of Eilat with ballistic missiles and drones.
Meanwhile, the dollar index was heading for its first weekly dip in nearly two months, making the greenback-priced bullion less expensive to overseas buyers.
Persons:
Edward Meir, Houthis, Christopher Waller
Organizations:
Federal Reserve, CME
Locations:
Iran, Eilat