Gold up on weaker US dollar

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the US dollar showed weakness.

The most active gold contract for June delivery added 6.30 US dollars, or 0.51 percent, to settle at 1,243.80 dollars per ounce. For the week, gold futures advanced 1.66 percent.

Analysts noted that there was little breaking news, and no major economic reports released on Friday, leading to little volatility in the gold market. Traders are looking ahead to next week as a large amount of economic data is due to be released.

Gold was given support as the U.S. Dollar Index decreased against most major currencies on Friday as a Federal Reserve official suggested the central bank should proceed cautiously in raising rates, according to analysts.

Expectations have returned for the impossibility of an April meeting rate hike, also supporting gold futures. According to the CMEGroup's Fedwatch tool, the current implied probability of a hike is at only 2 percent at the April 2016 meeting.

Silver for May delivery rose 22.60 cents, or 1.49 percent, to close at 15.384 dollars per ounce. Platinum for July delivery added 13.70 dollars, or 1.44 percent, to close at 968.40 dollars per ounce.