Gold prices edged higher on global markets Friday, buoyed by a slight decline in the US dollar.

The price of an ounce of gold reached USD 2,659.98, marking a gain of USD 21.39, or 0.81 percent, compared to the previous trading session.

Despite the modest rise, gold posted a weekly decline of 2 percent, while the US Dollar Index fell 0.2 percent, enhancing gold’s appeal to investors holding other currencies.

The increase comes as investors closely monitor global economic developments and currency market fluctuations. Gold often serves as a safe haven during times of financial uncertainty or geopolitical instability, such as traditional wars or trade conflicts.

Analysts suggest that gold prices may test or fall below the key level of USD 2,600 per ounce, with the precious metal expected to remain in a consolidation phase through December.