Gold prices rose to an all-time high on Friday, and are set to post weekly gains due to the weak dollar, while investors focused on US economic data that may provide additional insights into the Federal Reserve’s (US central bank) interest rate decision.
Spot gold prices rose 0.3 percent to $2,565.65 an ounce by 0310 GMT, up about 3 percent since the start of the week.
The precious metal rose more than 1 percent in the previous session and hit a record high, after U.S. data pointed to an economic slowdown.
U.S. gold futures rose 0.5 percent to $2,593.30.
The dollar fell 0.3 percent, making gold less expensive for holders of other currencies.
Locally, the price of gold rose to an unprecedented level in Iraq, reaching 430,000 dinars per mithqal (about 5 grams) by Thursday evening.
alforatnews.iq
