(Jan 24): Gold prices touched near three-month highs on Friday and were set to post a fourth straight weekly gain, buoyed by uncertainty about US President Donald Trump's tariff plans and his calls to lower interest rates weighing on the dollar.

Spot gold jumped 0.7% to US$2,773.57 per ounce, as of 0505 GMT, and has gained more than 2% so far this week. Earlier in the day, prices rose to US$2,777.10, their highest since Oct 31, when they hit a record high of US$2,790.15.

US gold futures climbed 0.6% to US$2,781.

The dollar is down more than 1% for the week, headed for its worst weekly fall in two months, making bullion less expensive for foreign buyers.

"The dollar slipped after Trump spoke against market expectations... This drop comes as he has refrained from implementing aggressive tariffs following his inauguration," Reliance Securities' senior analyst Jigar Trivedi said.

Trump called for an immediate drop in rates and provided no clarity on tariffs. The lack of clarity about his future policies has led market participants flocking to safe-haven assets such as gold to hedge against volatility.

Meanwhile, the Bank of Japan raised interest rates to their highest since the 2008 global financial crisis. Rate decisions from the US Federal Reserve and European Central Bank are scheduled for next week.

Traders see almost no chance of a Fed rate cut next week, according to the CME Group's FedWatch Tool. Higher rates dampen the appeal of the non-yielding bullion.

"The trend for gold remains bullish and that means we are on track still to hit that milestone US$3,000 level this year," said Kyle Rodda, financial market analyst, Capital.com.

Spot silver was up 1.1% at US$30.78 per ounce, palladium gained 0.9% to US$1,000.85 and platinum rose 1% to 952.10.

All of the three metals were poised for weekly gains.

Uploaded by Magessan Varatharaja