Gold Rises to Highest Level in 3 Months, Heading for Third Weekly Gain After U.S. Treasury Plan

Gold prices surged on Friday to their highest levels in over three months, heading for weekly gains for the third consecutive week, benefiting from the decline in the U.S. dollar index following the U.S. Treasury Department's announcement of new guidelines for bond repurchases. Gold rose in spot transactions by 2.1 percent to reach $4612.17 per ounce, after recording $4620.14 during the session, the highest level since mid-May, while U.S. gold futures rose by 2.2 percent to settle at $4670.60, marking total weekly gains of about 5 percent. Market analyses attributed this record rise to the pressures faced by...