The price of gold has edged higher in the commodity market. The fall in dollar rate has attributed to the price hike of gold. In addition, tensions in the Middle East have increased the demand for safe havens.
Spot gold rose 0.1% to $226.20 an ounce on Friday. US gold rose 0.3% to $236.10 per ounce.
Peter Fertig, an analyst at Quantitative Commodity Research, said the U.S. dollar index fell slightly this week. This has caused gold prices to go sky up.
The dollar has fallen in the last two months. As a result, buyers are spending less on gold.
