Bengaluru : Gold prices edged higher on Friday, heading for their biggest weekly percentage gain in nearly two years, buoyed by a weaker U.S. dollar and as investors looked to hedge against inflation.
Spot gold rose 0.4 percent to $1,358.74 an ounce at 0429 GMT, after touching a three-week high of $1,359.47.
The metal is up more than 3 percent this week, set for its best weekly performance since the week ended April 29, 2016.
U.S. gold futures climbed 0.5 percent to $1,361.60 per ounce.
Spot gold has gained 4 percent from a one-month low of $1,306.81 last week, mostly on a weaker dollar.
"Gold has risen this week mainly due to a weaker dollar and physical buying ahead of Chinese New Year," said Amit Kumar Gupta, portfolio management services head at Adroit Financial Services."
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