Gold set for 2nd weekly gain on weak dollar

Gold prices edged higher on Friday, set for a second consecutive weekly gain, as the US dollar tumbled and recent economic data prompted bets that the Federal Reserve is nearing the end of its rate-hike cycle, Reuters reported.

Spot gold was up 0.1 percent at US$2,042.01 per ounce, as of 05.34 GMT, hovering near a one-year high reached on Thursday. US gold futures rose 0.1 percent to US$2,056.70.

Spot silver rose 0.5 percent to US$25.90 per ounce, hitting a one-year peak earlier, while platinum gained 0.5 percent at US$1,051.93. Both metals were bound for a fifth straight weekly gain.