Gold settles higher Friday and logs sharpest weekly rise in more than 3 months

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Gold futures rose on Friday to extend its gains to a seven-week high Friday, notching its firmest weekly rise since July amid the sharpest weekly fall for the U.S. dollar since March. December gold rose $4.90, or 0.3%, to settle at $1,951.70 an ounce. The yellow metal marked a 3.8% weekly gain, representing its sharpest weekly rise since the period ended July 31. The move for metals come as results from the 2020 presidential election continue to roll in, even as former Vice President Joe Biden is seen nearing victory against incumbent Donald Trump in the race for the White House. Gold’s weekly ascent also came as the U.S. dollar retreated 1.9% to mark its sharpest weekly skid since March 27, FactSet data show, as gauged by the ICE U.S. Dollar Index . Weakness in the U.S. dollar can make buck-pegged gold more attractive to overseas buyers.
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