Gold prices rose by more than 0.2% as of 08:45 GMT to trade at $ 1,283.98 per ounce from the opening level of $ 1,280.77 and recorded a high of $ 1,285.17 and a low of $ 1,279.94.
Gold prices lost 0.1% on Thursday, their second consecutive daily loss, and recorded a three-week low of $ 1,276.78 an ounce, under the pressure of the greenback rally.
The dollar index fell 0.2% on Friday after a three-week high of 96.36 points, reversing the greenback rally against a basket of currencies, which is currently supporting the rise in gold and other metals denominated in US dollars.
Apart from the dollar’s decline, gold prices also support improved investment demand for the precious metal as a safe haven, especially after the latest US Commerce Secretary’s remarks, which renewed concerns about trade disputes between the United States and China.
US Trade Secretary Wilbur Ross said on Thursday that the United States and China are miles away from miles of business issues.
Gold holdings in the SPDR Gold Trust Fund The world’s largest gold-backed fund was unchanged yesterday for a fourth day in a row to reach 809.76 metric tons, the highest level since June 29, 2018.