Gold up, but set for weekly fall as U.S. rate bets buoy dollar

10-Apr (Reuters) – Gold rose on Friday as chart levels were broken, but was still heading for its first weekly fall in four, pressured by a stronger dollar and renewed expectations for a U.S. rate hike this year.

Spot gold climbed 0.8 percent to $1,204.06 an ounce by 1138 GMT. Flat initially, it gained momentum after a break of technical resistance at $1,196 that triggered automatic buy orders.

Bullion was however still down around 0.5 percent for the week, having pulled back from Monday’s seven-week top of $1,224.10 that was triggered by last week’s weak U.S. employment report.

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