Prices for gold inched higher on Friday as a weaker American dollar and worries about rising inflation, as well as risks to growth, countered bets for looming interest rate hikes, keeping bullion on course for a small weekly gain.
Spot gold gained 0.1% to $1,758.58 per ounce. U.S. gold futures rose 0.1% to $1,759.00.
The greenback pulled back, making gold less expensive in other currencies, encouraging demand.
Gold was on track for its first weekly uptick since Sept. 3, rising about 0.6% so far, as a retreat in the dollar on Thursday helped it bounce about 2%.
Experts say dips in the U.S. dollar and lower bond yields are keeping gold supported, while investors reposition for the fourth quarter.
Helping gold’s appeal, European and Asian stocks fell on worries about inflation and possible slowdown in growth.
Silver added 1% to $22.42 U.S. per ounce.
Platinum rose 1% to $972.64 U.S. per ounce, while palladium fell 0.27 % to $1,904.60, with both en route to weekly dips.
