Gold prices rose on Friday and the front-month futures contract recorded a new closing high, as traders continued to seek the safe-haven asset amid rising worries about U.S.-China tensions and global economic growth.

The dollar’s continued weakness further supported gold’s uptick. The dollar index slid to 94.36, before edging up slightly to 84.41, but was still down more than 0.3% from previous close.

Gold futures for August ended up $7.50 or about 0.4% at $1,897.50 an ounce, a new all-time closing high. The contract touched a high of $1,904.60 an ounce in the session. The previous record closing high was $1,891.90, touched on 22 August 2011.

Gold futures gained about 4.8% in the week, the best weekly returns in more than three-and-a-half months. Today’s gains mark the metal’s sixth successive close in positive territory.

Silver futures for September settled at $22.850 an ounce, down $0.138 from previous close, while Copper futures for September ended down $0.0460 at $2.8925 per pound.

Silver futures gained about 15.6% in the week, while Copper futures suffered a modest loss in the week.

Sino-U.S. ties have deteriorated further after China ordered the U.S. consulate in the southwestern city of Chengdu to close in response to the closure of the Chinese consulate in Houston earlier this week.

The material has been provided by InstaForex Company – www.instaforex.com