Gold rose at the end of the week, supported by a falling dollar, and was ready to make small weekly gains. Moreover, persistent concerns about the continuation of the aggressive interest rate hike by the US Federal Reserve had weighed on the gold trend.

Spot gold rose 0.7% to $1,719.65 per ounce at 0407 GMT. Prices rose by 0.5% for the week, following three consecutive weekly declines. American gold futures were up 0.6% to $1,730.90.

The dollar index fell 0.7% after hitting its lowest level in a week, making gold bullion cheaper for holders of other currencies. Higher interest rates increase the opportunity cost of holding non-productive ingot and stimulate the dollar. On Thursday, the European Central Bank raised its key rates by an all-time high of 75 basis points.

In addition, cash earned 1.4% at $18.8206 per ounce and increased 4.5% over the week. Platinum rose 0.4% to $882.62 and was heading for its biggest weekly gain since June. Palladium fell 1.5% to $2,106.41, but was ready for its first weekly hike in four.