XAU/USD: Gold Restores the Glow

The yellow metal's prices increased on Friday, and they are on pace to have their best week since January.

The price of gold climbed on Friday as traders anticipated that the Federal Reserve's continued rate hike uncertainties would result in higher demand for the priceless bullions. Early trade saw a 0.5 percent increase in prices, or a little more than $8, with gold edging closer to $1,845 per ounce.

With today's surge to the upside, gold is expected to enjoy its greatest week since January. This week, the price of gold has increased by more than 2%, or around $40. On the other side of the exchange is a dollar that is losing money. "Finally." - possibly short sellers.

What is the main theme of this week's gold narrative? Position squaring and a shift away from US currencies and into precious metals are most likely factors. The nonfarm payrolls are scheduled for next Friday, so money managers are preparing to mitigate their risks in case something goes wrong.