By Gina Lee

Investing.com – Gold was up on Friday morning in Asia and set for a weekly gain. The yellow metal, which is considered a safe haven, gained some momentum due to the weakening dollar, continued concerns about high inflation and U.S.-Russia tensions regarding Ukraine. 

By 11:34PM ET (4:34 GMT), they were up 0.2% to $1,808.35 The weaker dollar helped offset the pressure of a rise in U.S. Treasury yields. They reached $1804.4 during the last session. In the past week, gold has surged nearly 0.9%.

Dollar, which moves in the opposite direction to gold normally, fell on Friday. It was also set for its highest weekly fall since March 2020.

On Thursday, lawmakers were told that the U.S. Federal Reserve should make inflation fighting its number one priority. The nominees, Lisa Cook, Philip Jefferson, and Sarah Bloom Raskin, comments underlined support for a hawkish pivot in the Fed’s monetary policy.

On Thursday, the Atlantic suggested that it might reverse itsdovish position and raise interest rates for 2022. It raised its interest rate by 0.5% and issued its policy decision the following day.

Asia Pacific will be delivering its policy decision next week.

The International Monetary Fund cautioned that it is too early to predict if there will be sustained inflation.

As tensions continue to increase between Russia and the U.S. over Ukraine, Russia may use propaganda videos to justify its invasion of Ukraine.

Other precious metals: Silver edged up 0.2% while platinum saw 0.1% growth. Palladium was stable at $2,325.70 an ounce.