Gold prices rose for a third session on Friday to hit their highest since September, with a slump in the US dollar helping drive bullion towards its fifth-straight weekly gain. Spot gold had edged up 0.5 percent to $1,328.84 an ounce by 0703 GMT, after earlier touching its highest since Sept. 15 at $1,330.34.
The metal is up 0.7 percent so far this week and is set for its longest run of weekly gains since a streak that finished in the week ending April 14. "There is a lot of doubt on how long prices have to run from here ... Prices have risen despite the Fed raising interest rates and the main driver has been the US dollar, which we continue to see help gold run higher in the first quarter," said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
Spot gold is expected to test resistance at $1,329 per ounce, with a good chance of rising more to the next resistance level at $1,341, according to Reuters technical analyst Wang Tao.
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