Gold hits 3-month high on dollar decline

Gold prices rose on Friday to their highest level in more than three months, on track to secure weekly gains for the third consecutive session, buoyed by a breakout above key technical levels, while the US Treasury’s support plan, which involves bond buybacks, weighed on the dollar.

By 14:19 GMT, spot gold had risen 1.6 percent to $4,590.51 per ounce, after reaching its highest level since May 15 at $4,604.18 earlier in the session. US gold futures climbed 1.7 percent to $4,647.

The precious metal has gained 5 percent since the start of the week, following a rise on Wednesday to its highest intraday level since early February.