Mubasher: Gold prices rose on Friday, recording its first weekly gains in seven weeks, supported by a decline by the US dollar after the recent remarks by the Federal Reserve Chairman Jerome Powell that rose concerns over the American economy overheating and inflation pressures increasing.

Gold futures for December delivery went up by 1.6% or $19.30 and settled at the level of $1,213.30 per ounce, its highest daily gain since March to a new three-week high.

Gold added 2.5% for the week, after plummeting for six consecutive weeks.