Gold ends higher, posts weekly gains

Gold prices rose Friday, despite a rise in the US dollar against most major currencies, as the precious metal drew support from the concerns about to the outbreak of the Chinese virus.

The Chinese government revealed that the deadly coronavirus, as its death toll rose to 26 victims, more than 850 were infected, and the lockdown of two major cities were the virus spread heavily.

Multiple confirmed cases also appeared in the US, Saudi Arabia, Japan and Scotland, but the World Health Organization reassured that there is no reason to declare a global emergency.

Otherwise, the dollar index rose by 0.2% to 97.8 points as of 19:11 GMT, after hitting a high of 97.9 and a low of 97.6.

Gold February futures rose by 0.4% to close at $1.571.90 an ounce (highest close since Jan. 7), prices gained 0.7% this week, with a day high of $1,575.5 and a low of $1,555.8.