Despite investor concerns about recent economic data that could encourage the US Federal Reserve to continue raising interest rates limited gains, the price of gold rose on Friday due to the weakening dollar.

U.S. gold futures gained 0.4% to $1,834.80. At 03:25 GMT, spot gold was up 0.2% to $1,826.45 per ounce. For the period, the bullion is likely to fall for a fourth week in a row and is down by around 0.8%. According to Yeap Jun Rong, market analyst at IG, “expectations about the Fed's rate path have been falsely recalibrated, with the rise in the gold price being heavily undermined by the new increase in Treasury yields.” Gold is considered to protect against inflation.

The Dollar Index moved away from the seven-week high reached on Thursday. It made bullion cheaper for foreign buyers. Palladium fell 0.3% to $1,444.99, cash rose 0.2% to $21.33 per ounce, and platinum was little changed at $947.30.