Gold Prices Soar to Three-Month High Amid Weakening Dollar

Gold prices reached a more than three-month high on Friday, with spot gold climbing to $4,623.94 per ounce and US gold futures settling 2.4 percent higher at $4,680.60.

This marks the third straight weekly gain for gold, with prices gaining over 5 percent so far this week, including their biggest one-day rise since early February on Wednesday.

The metal is trading above all key moving averages, having broken above the closely watched 200-day moving average of around $4,513.

Technical analysts view this as a bullish sign, and experts point to the drop in the US dollar as a major factor driving gold's rally.