Gold rose on Friday and was headed for its fifth straight weekly gain, boosted by a weaker dollar as the safe-haven asset continued to be in demand despite an increase in risk aappetite post the Brexit vote Spot gold rose over 1 percent to touch a session high of $1,336.20. It was up 0.7 percent at $1,331.51 an ounce by 0648 GMT. The yellow metal registered its biggest monthly rise since February in June and was up 1 percent for the week so far.
US gold rose as high as 1 percent to touch a session best of $1,339 an ounce. "It seems that investors are pushing both equities and gold higher simultaneously. One of these will eventually have to give, but for the moment, they each seem to be trading on their own dynamics," said INTL FCStone analyst Edward Meir. ANZ analyst Daniel Hynes said bullion's upward rise was just a continuation of its movement following the Brexit vote. "The shock has actually passed but expectations of a rate hike by the US Federal Reserve for the short term has actually fallen quite significantly in combination with the apparent loosening of the monetary policy in Europe driving investor demand," he added.