London — Gold rose on Friday and was on track for its best week in five as the dollar softened on political turbulence in the US, boosting bullion’s safe-haven appeal. Spot gold was up 0.4% at $1,250.96 per ounce, as at 8.19 GMT. It climbed 1.9% for the week while US gold futures slipped 0.1% to $1,251.60 an ounce. "Political risk is back on again after market participants became overly complacent following the outcome of the French elections," Commerzbank analyst Carsten Fritsch said. "Risk sentiment took a major hit," he said. Gold is often seen as an alternative investment during times of geopolitical and financial uncertainty, gaining alongside bond yields and the Japanese yen while stocks usually take a hit. Last week, US President Donald Trump fired FBI director James Comey, triggering a political firestorm that culminated on Wednesday in the justice department’s appointment of a special counsel to probe possible ties between Russia and Trump’s 2016 presidential campaign. The ...
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