Gold closes higher, but logs weekly loss

Gold prices rose on Friday, as the US dollar fell against its peers, but the precious metal posted a weekly loss.

The markets are focused on the ongoing discussions between the White House and the US Congress over President Joe Biden's $1.9 trillion Covid-19 relief plan.

The US Treasury Secretary Janet Yellen said during her interview with CNBC yesterday that the US economy could return to growth and full employment in 2022 if President Joe Biden’s $1.9 trillion coronavirus relief package is passed Congress.

The dollar index fell against a basket of major currencies by 0.3% to 90.3 points as of 19:49 GMT, after hitting a high of 90.6 points and a low of 90.1 points.

Gold April futures rose 0.1% or $2.4, and closed at $1,777.4 an ounce, and posted a weekly loss of 2.5%, with today's high at $1,790.9 and the low at $1,759.