Gold prices rose slightly on Friday and were poised for a third consecutive weekly rise after being supported by the U.S. dollar and weak U.S. treasury yields.
However, the increase recorded was relatively limited due to volatile market sentiment.
At the time of writing, the precious metal is trading at around $ 1,785 per ounce.
Earlier, the yellow metal traded lower after hitting a high of $ 1,797 following the resurgence of the US dollar, causing it to fail to break the $ 1,800 price level and drop lower at $ 1,777.
This was driven by the outlook for the recovery of the US economy after seeing a decline in total unemployment claims which fell to 547,000 last week from 586,000 previously recorded.
However, US President Joe Biden’s proposal to increase capital gains taxes on the rich, to some extent helped support gold prices from falling lower.
The proposal has sparked investors ’concerns leading to a sharp fall in the U.S. stock market, and in turn prompted them to seek a hold on the safe-haven.
