Gold surges to a three-month high above $4,600

Bloomberg - Gold prices rose to their highest level in more than three months, posting weekly gains for the third consecutive week.

The rise was supported by the metal breaking through key technical levels, at a time when the support plan announced by the U.S. Treasury Department, through bond buybacks, negatively impacted the dollar.

Spot gold rose 1.8 percent to $4,602 per ounce after reaching its highest level since May 15, while U.S. gold futures climbed 1.7 percent to $4,647. The precious metal gained 5 percent since the start of the week, after rising on Wednesday to its highest daily level since early February.

Recent price increases have led individual buyers in India to refrain from purchasing, while demand in China, the largest consumer of the yellow metal, remained stable.

For other precious metals, spot silver rose 2 percent to record $69.43 per ounce. Platinum rose 3.8 percent to $1,897.36, and palladium climbed 0.6 percent to $1,342.30.