Gold prices climbed Friday, posting a gain of nearly 5% for the week. Gold futures rose 1.67% to $4,647.70 per ounce, while spot prices gained 1.55% to $4,588.08. The advance was driven by bond market jitters, a weaker dollar and renewed concerns over U.S. government debt, which topped $40 trillion for the first time ever. Structural demand from central banks, with 89% of respondents to the World Gold Council survey expecting global gold reserves to increase over the next year, along with record annual consumption of nearly 5,000 metric tons, are providing underlying support for the market.
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