Gold rises on softer dollar, but on track for fourth weekly drop

Gold rose ​over 1% on Friday, buoyed by a weaker dollar and bargain hunting, ‌but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates. Spot gold rose 1.1% to $4,428.30 per ounce as of 0228 GMT, but bullion ​has fallen about 1.3% so far this week. US gold futures for April delivery ​gained 1.1% to $4,423.40. The dollar eased, making greenback-priced bullion cheaper for holders of ⁠other currencies. “For weeks, gold has been treated as a liquidity asset sold to cover ​volatility and margin calls elsewhere, but at current levels, it is now looking more like a ​value proposition for investors, which is why it’s back in favour today,” said Tim Waterer, chief market analyst, KCM Trade.