Gold hits 3-week high as dollar slides to 3-year low

The value of gold increased to a three-week high on Friday as the dollar fell to a three-year low.

Spot gold was up 0.4 percent at $1,358.83. U.S. gold futures moved up $6.40 an ounce to $1,361.70 as of 1030 GMT.

"We're looking for the dollar to keep weakening. For me that's the key thing to watch for gold," said Daniel Smith, Oxford Economics' director of commodity services. "Gold tends to do particularly well in that kind of environment."

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