Due to the weakening of the dollar, in view of a weekly gain, the price of gold reached a one-month high on Friday.

The price of gold benefits from the weakness of the US dollar which has also allowed gold to make a third consecutive weekly gain. Spot gold was stable at $1,867.33 an ounce at 5:39 GMT, after hitting its highest level since May 9 at $1,873.79. The price of gold has risen about 0.8% since the beginning of the week. U.S. gold futures edged up 0.1% to $1,872.10. The dollar fell slightly, making green-priced bullion more attractive to foreign buyers.

Cheft gold could test resistance at $1,879 an ounce, a break above could lead to a gain towards $1,892, according to Reuters technical analyst Wang Tao. Cash, which gained 0.2% to $22.33 an ounce, is up 1.1% since the beginning of the week. Platinum fell 0.5% to $1,017.57, but is set for a weekly rise of about 7%, the largest since June 2021. Palladium climbed 1% to $2,073.20.