Gold hits new highs as dollar flags

Gold prices rose on Friday to a 15-week high as the dollar tumbled against a basket of currencies to a one-week low, while demand rose on the precious metal amid constant tensions in the markets.
 
Gold last traded at $1,252.8 an ounce, up from the opening of $1,249.4, with a session-high at $1,260.1, and a low at $1,247.7.
 
Gold's current rise comes as the dollar tumbles versus major rivals, underpinning the yellow metal according to their inverse relation, with most commodities advancing as well.
 
The Federal Reserve's meeting minutes hurt the greenback after slashing the chances of a rate hike in the March meeting, while the new U.S. administration fumbles its way around tax and financial reforms, raising haven demand on gold.
 
Markets now await consumer confidence and new home sales data from America, which could impact the greenback and gold prices, with the later heading for the fourth weekly profit in a row.