SINGAPORE: Gold hit a more than one-week high on Friday, as the dollar retreated and Asian stocks slipped with investors shying away from riskier assets following a tumble in oil prices.

Spot gold was up 0.6 percent at $1,262.89 per ounce by 0832 GMT after touching a high of $1,264.13 earlier in the session. The yellow metal has gained 0.6 percent so far this week.

US gold futures gained 0.5 percent to $1,262.9 an ounce.

Gold has just moved sideways in the $1,245-$1,265 range over the past few sessions, said Brian Lan, managing director at gold dealer GoldSilver Central in Singapore, adding that: “Investors are looking for cues on the US Federal Reserve rate hikes and the upcoming UK elections.”—Reuters