Gold is at the highest level in a month as the dollar declines

Gold prices hit a one-month high on Friday with the dollar’s decline, which put the precious metal on track to record its third consecutive weekly increase.

By 0214 GMT, spot gold rose 0.2 percent to $1,871.28 an ounce, its highest level since May 9. Gold prices are up about 1 percent this week.

US gold futures also jumped 0.2 percent to $1,874.50 an ounce.

The dollar fell, making gold more attractive to buyers than holders of other currencies.

Gold prices rose more than 1 percent on Thursday, supported by a weak dollar and data that revealed that wages in the US private sector increased less than expected last month.

Indications of an economic crisis could support the demand for gold, which investors consider a safe haven asset.

As for other precious metals, silver increased in spot transactions 0.5% to $22.39 an ounce, and it recorded an increase of 1.4 percent this week.

Platinum rose 0.2 percent to $ 1024.57 an ounce and rose by about 7.4 percent this week, the highest increase since May 2021.

And palladium rose 0.5 percent to 2064.20 dollars an ounce.