Gold Prices Soar Over 5% Amid Dollar Weakness

Gold prices surged over 5% this week as investors sought safe-haven assets amidst economic uncertainty. The precious metal's value rose to around $4,624 per ounce on Friday, its highest level in more than three months.

The rally was fueled by a weakening US dollar, which makes gold cheaper for buyers holding other currencies and is often seen as a hedge against financial uncertainty.

Analysts note that the metal has also broken above its 200-day moving average, a key technical indicator of further gains. If the upward momentum continues, prices may target the $4,700 region.

While physical gold demand in India remained subdued due to elevated prices, stable demand in China and continued financial-market buying helped sustain the international bullion rally.