Gold ends higher on weekly gains

Gold prices rose today despite the dollar's rise against most major currencies, but the precious metal and the US currency have been supported by investors as a safe haven in the face of fears of slowing global economic growth.

After the Federal Reserve cut its forecast for US economic growth this year to 2.1% from 2.3%, economic data showed that industrial activity in the eurozone fell at its fastest monthly pace in six years in February.

This comes despite the positive statements made by US President Donald Trump on the conduct of trade negotiations with China ahead of the visit of an American trade delegation to Beijing next week.

Separately, by 17:39 GMT, the dollar index (against a number of major currencies) rose by 0.3% to 96.6 points, with a high of 96.8 points and a low of 96.2 points.

Whilst Gold rose 0.4% to close at $1312.3 an ounce, the highest closing  rise since February 28th. The precious metal gained 0.7% on the week, while the session highest at $1314.7 and the lowest at $1306.5 .