Gold up a third straight session as dollar drops

20-Mar (MarketWatch) — Gold futures climbed for a third straight session on Friday, poised for a gain on the week as a sharp drop in the U.S. dollar buoyed investment demand for the precious metal.

Gold for April delivery on Comex rose $12.60, or 1.1%, to settle at $1,181.60 an ounce. Prices, which settled at a two-week high on Thursday, were poised for a weekly gain of around 2.5%, based on the most-active contracts.

Gold headed higher on the heels of a softening U.S. dollar and “focus in Europe turning back from its political problems to the [European Central Bank] stimulus rollout,” said Colin Cieszynski, chief market strategist at CMC Markets, in a note.

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