Gold Eyes Third Straight Weekly Gain as Dollar Weakens

Gold prices are on track to post their third consecutive weekly gain, supported by a weaker US dollar and heightened demand for safe-haven assets. As of August 21, spot gold was down 0.1% at $4,514.42 per ounce, but up around 3% for the week so far.

The US dollar index, which tracks the greenback against a basket of six major currencies, was down about 0.1% at 98.81. A weaker US dollar makes dollar-denominated gold cheaper for holders of other currencies, supporting demand for the precious metal.

However, the rise in US Treasury yields limited some of the upside in bullion. Yields on the benchmark 10-year and 30-year US Treasury notes moved higher this week, reflecting weakness in bond prices.