Gold Logs Weekly Gains as USD Drops

Gold prices rose on Friday after the dollar declined as the U.S. consumer sentiment dropped to its lowest level in a decade.

Accordingly, the yellow metal turned higher for the week as demand for safe havens improved. The U.S. Dollar Index (DXY) which measures the greenback against a basket of international peers dropped to its lowest level in a week earlier today, which provided additional support for gold.

Gold futures for December delivery surged by $26.40, or 1.5%, to close at $1,778.20 per ounce, to turn to a weekly increase of 0.86%.

Today marked the biggest daily gain for the yellow metal’s most-active contract since July 29 and the highest weekly rise since July 9.