Gold Rallies on Safe-Haven Demand, Set for Best Week in Over a Year

GOLD - NEW YORK. Gold prices breached the $2,700 threshold for the first time in two weeks on Friday, on track for their biggest weekly gain in over a year, as safe-haven demand outweighed dollar strength and lower expectations of a U.S. rate cut next month.

Spot gold was up 1% at $2,696.77 per ounce by 10:14 a.m. ET (1514 GMT), having earlier hit its highest since Nov. 8 at $2709.99. U.S. gold futures rose 0.9% to $2,698.90.