Gold prices rose above the psychologically important level of 1,800 dollars on Friday, supported by demand for safe havens and the decline of the dollar, before a speech by the President of the US Central Bank will be examined for indications of reducing stimulus.<\/p>\n\n\n\n
Spot gold rose 0.6% to $1,802.39 an ounce by 0647 GMT.<\/p>\n\n\n\n
The yellow metal remained above $1,800 for most of the seven months to February of this year, but it has failed to stay above that level since then. But prices are up about 1.3% a week, the biggest weekly gain in more than three months.<\/p>\n\n\n\n
US gold futures rose 0.7% to $1,807.<\/p>\n\n\n\n
The dollar index fell 0.1%, which strengthened the attractiveness of gold to holders of other currencies. The US currency is heading towards a weekly decline.<\/p>\n\n\n\n
“The safe-haven buying is caused by the escalation of geopolitical tension in Afghanistan. There is some concern about further escalation there,” said Daniel Haynes, an analyst at ANZ.<\/p>\n\n\n\n
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