Gold Surges on Weaker Dollar and Treasury Buybacks

Gold prices rose on Friday, heading for their third consecutive weekly gain due to a weaker dollar and the U.S. Treasury's bond buyback move.

The spot gold price increased by 0.4% to $4,537.41 per ounce by 0504 GMT, with prices climbing 3.6% so far this week. U.S. gold futures rose 0.5% to $4,593.90.

Brian Lan, managing director of GoldSilver Central, stated that the dollar's weakening has supported precious metals, alongside a change in yields. He noted that gold's upward trajectory will be determined by the Federal Reserve's decisions and how they impact market rate expectations.