Gold rose for the second consecutive session on Friday, hitting its highest level in a week, thanks to bargain hunting after the precious metal fell to its lowest level in two months earlier in the week. The metal posted weekly gains.
Gold prices rose 1.5% in spot trading to $4,194.36 an ounce. The metal had fallen to a two-month low on Wednesday, pressured by a stronger dollar and rising U.S. Treasury yields.
U.S. gold futures for December delivery rose 1.4% to $4,216.30. Over the week, the contracts gained about 1.3%.
Han Tan, senior market analyst at Bybit, said, "Gold rose slightly today as oil prices and long-term Treasury yields fell from recent highs."
Oil prices fell as concerns about supplies from the Middle East eased somewhat after US President Donald Trump said the United States would not attack Iran before the November midterm congressional elections.
Yields on 10-year U.S. Treasury bonds fell on Wednesday from their highest level in more than two decades.