"Going forward, the direction of the dollar is still one of the main factors influencing gold," Ong Yi Ling, Singapore-based analyst with Phillip Futures, told Bloomberg. "Dollar weakness may continue as the Fed is likely to err on the side of caution rather than tighten too early."
At 7:20 a.m. on Friday, gold futures were up 0.35 percent, an increase of $5.30 to $1,536.50 per troy ounce. Before noon on March 31, gold futures' price was $1,437.50 per troy ounce. The precious metal's high price now is $1,540.85 per troy ounce.
At 7:21 a.m., silver futures were up 2.71 percent, a $1.289 climb to $48.83 per troy ounce.
"The sinking dollar is driving people to the gold market as speculators betting on a further rally are adding more fuel to the fire," said Lim Han Jo, a Seoul-based trader with Tongyang Futures. "I don't exclude the possibility of gold hitting $1,800 this year."
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