BENGALURU: Gold rose 2 percent on Friday, buoyed by a weaker dollar and bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fueled inflation concerns and raised expectations of higher global interest rates.
Spot gold rose 2 percent to $4,466.38 per ounce as of 9:37 a.m. Saudi time. The commodity has fallen about 0.5 percent so far this week.
US gold futures for April delivery gained 1.9 percent to $4,461.
The dollar eased, making greenback-priced bullion cheaper for holders of other currencies.
Gold prices are down about 16 percent since the US-Israeli war on Iran began on February 28, pressured by a stronger US dollar, which has gained more than 2 percent over the same period.
