Mubasher: Gold prices rose on Friday to its highest level since July, recording its biggest weekly gain since August.

A number of economic data aneagatively affected the US dollar and the treasury yields, thus increasing demand on the precious metal as a safe haven.

Gold futures for February delivery rose $9, or 0.7%, and settled at $1,252.60 per ounce.

This means that the yellow metal has registered weekly gains of 2.2%, the biggest since a 2.5% rise in the week ended 24 August.

On the other hand, gold is still 5% lower year-to-date.