Gold closes higher, posts 2% weekly gain

Gold prices rose on Friday, and posted weekly gains as the US dollar slipped against most of its rivals, while the US Treasury bond yields pulled back.

The preliminary results from the University of Michigan Survey of Consumers, showed that the index rose to 86.5 points in April, slightly lower than forecasts of 88.9 points.

The 10-year US Treasury bond yields fell below 1.6% today, which weighed down on the US dollar.

The dollar index fell against a basket of major currencies by 0.1% to 91.6 points as of 18:21 GMT, after hitting a high of 91.8 points and a low of 91.4 points.

Gold June futures rose 0.8% or $13.40, and closed at $1780.20 an ounce, and posted a weekly gain of 2%, after hitting a day high at $1784.7 and the low at $1760.3.