Gold Rebounds as U.S. Dollar Drops from Highest Level

Gold prices rose globally by about $22 when settling transactions on Friday, yet, recorded the biggest weekly losses in a month.

The yellow metal rose with a strong decline in the US dollar from its highest level in two months. The US 10-year yield broke out, rising nearly 9-basis points this week.

The US economy added 49,000 jobs last month, less than expected but, the unemployment rate fell to 6.3%. Gold rose again above the level of $1800 after losing about $44 of its value in yesterday's session only, recording a weekly loss of about 2%.

Upon settlement, the price of gold futures contracts for April delivery rose 1.2%, or $21.80, to $1813 an ounce. By the end of trading, the spot price for the yellow metal rose about 1% to $ 1811.4 an ounce.

During the same period, the main dollar index, which measures the performance of the currency against 6 major currencies decreased by 0.6% to the level of 91.01.