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Gold rises, shrugs off dollar and equities rally

Gold rises, shrugs off dollar and equities rally
Photo Credit: Arabianeye - Reuters

Dubai – Mubasher: Gold prices strengthened on Friday, disregarding the strong rises in global equities and the US dollar.

Gold rose to $130.50 an ounce, gaining $8.30 or 0.72% at around 8:00 GMT.

The yellow metal recorded its highest price level this week at $160 an ounce on Monday upon the slump in global bourses.

Meanwhile, the rebound in global stocks since last Tuesday till today pushed gold prices down by more than $40 per ounce. Yet, gold rose today to partially offset some of its losses.