Gold Surges Past $4,600 Amid Dollar Weakness

Gold prices surged on Friday, touching an intraday high of $4,631.99 per ounce and settling at $4,623.94, a three-month peak.

The precious metal posted a weekly gain of over 5%, marking its third consecutive weekly advance.

This momentum came from the U.S. Treasury Department's expanded long-dated bond buyback program, which weighed on the dollar, along with follow-through buying after gold broke through key technical levels.

Bart Melek, head of global commodity strategy at TD Securities, attributed a significant part of the rally to technical factors and predicted that if this momentum continues, the next target is $4,700.