Bengaluru — Gold prices edged higher on Friday, heading for their biggest weekly percentage gain in nearly two years, buoyed by a weaker US dollar and as investors looked to hedge against inflation. Spot gold rose 0.4% to $1,358.74/oz at 4.29am GMT, after touching a three-week high of $1,359.47. The metal is up more than 3% this week, set for its best weekly performance since the week ended April 29 2016. US gold futures climbed 0.5% to $1,361.60/oz. Spot gold has gained 4% from a one-month low of $1,306.81 last week, mostly on a weaker dollar. "Gold has risen this week mainly due to a weaker dollar and physical buying ahead of Chinese New Year," said Amit Kumar Gupta, portfolio management services head at Adroit Financial Services. "Also, the market is starting to fall in love with inflation trades again. Gold could be the standout performer this year if that’s the case, although some wearing off can come once the seasonal buying is done," Kumar said. The dollar languished near a t...
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