Gold prices rose on Friday but were on track for a weekly decline after retreating from their record highs, as the value of the US dollar and US government bond yields increased.

Spot gold was up by 0.2 percent at USD 2,488.74 per ounce as of 02:57 GMT.

Gold had hit a record high of USD 2,531.60 last Tuesday, but it has fallen by about 1 percent this week, affected by a rebound in the dollar index and 10-year US Treasury yields following an unexpected rise in the unemployment rate.

The dollar strengthened against the euro, with the latest price at 1.11264, compared to the previous closing price of 1.11166.

The US currency saw an increase of 0.00098, a change of 0.088 percent.