Gold Surges to Three-Month High Amid Dollar Weakness

The gold price has surged to its highest level in over three months, reaching $4,604.18 per ounce on Friday's trading session. This marks a significant gain for the precious metal, with spot gold rising 1.6% to $4,590.51 per ounce.

This increase is attributed to the US Treasury's bond-buying support plan, which has negatively impacted the dollar. As a result, investors are turning to gold as a safe-haven asset, driving up its price.

The precious metal's gains extend beyond gold itself, with silver rising 2% in spot trading to $69.43 an ounce. Platinum and palladium also saw significant increases, climbing 3.8% to $1,897.36 and 0.6% to $1,342.30, respectively.