Gold Rallies on Renewed Debt Concerns and Dollar Weakness

Gold prices surged on Friday as renewed concerns about U.S. government debt and a weaker dollar revived demand for the traditional safe-haven asset.

The metal rose 1.67% to $4,647.70 an ounce in early trading, with spot gold gaining 1.55% to $4,588.08.

This marks a sharp reversal from gold's recent weakness, which saw the metal climb to almost $5,600 earlier this year before suffering its worst quarterly performance since 2013.

Commodity analysts at UBS attribute the latest rally to rising global debt and prolonged dollar weakness.