New York gold closes up 2.4%, hitting a three-month high

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New York gold futures closed up 2.39% on Friday, reaching their highest level in more than three months and rising for a third straight week, supported by a weaker U.S. dollar after the U.S. Treasury announced plans to double its purchases of long-term bonds, and by prices breaking through a key technical resistance level. COMEX gold futures for December delivery rose 109.20 dollars to settle at 4,680.60 dollars per ounce. For the week, gold prices rose more than 5%, with analysts viewing 4,700 dollars per ounce as a possible next target. Goldman Sachs said demand for gold call options has increased significantly as investors use gold to hedge against global macroeconomic policy risks. Meanwhile, physical gold demand in India is starting to slow, and Poland's central bank slowed its gold purchases to 7.8 tonnes in July.

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