CHICAGO, Sept. 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday, as a weaker dollar and the Federal Reserve's quantitative easing decision last week supported trading.
The most active gold contract for December delivery rose 7.8 dollars, or 0.44 percent, to settle at 1,778 dollars per ounce.
Gold reversed its losses from the previous session and ended the week up around 0.3 percent, continuing to take support from last Thursday's Fed decision to implement a third round of its bond buying program.
Trader enthusiasm for further Fed action had dominated the gold trade for months, and the Fed's long-awaited decision will likely continue to offer some underlying support to gold. Quantitative easing measures support gold, as the precious metal rises on fears of inflation.
Additionally benefiting gold Friday was a weaker dollar and gains in crude oil. A weaker greenback is a positive for gold, as it makes commodities cheaper for holders of other currencies.
Traders continue to monitor the economic situation in Europe, with particular attention on Spain. Expectations that Spain could soon finalize a full bailout request also gave some support to gold Friday.
Silver for December delivery fell 4.4 cents, or 0.13 percent, to close at 34.638 dollars per ounce.
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