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Gold gains on weak US dollar

Gold rate is trading higher on Thursday, On Multi Commodity Exchange, gold August futures were trading at Rs 59,275 per 10 grams, with gains of Rs 36 or 0.14%.

Gold prices were set on Friday for their biggest weekly gain since April, after rallying close to a one-month high, as markets scale back expectations of further U.S. interest rate hikes, sending the dollar to its lowest in more than one year, according to Reuters. Spot gold held steady at $1,961.79 per ounce, and up nearly 2% for the week. U.S. gold futures rose 0.1% to $1,965.80.

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