Gold was set for its best weekly gain in more than a month on Friday, as a softer dollar and mounting concerns about the deteriorating fiscal outlook for the world's biggest economy boosted the metal's safe-haven appeal.

Gold steadied after its first decline this week, as some traders turned to long-term US government bonds and the dollar instead of the precious metal.

Gold prices dipped slightly after reaching a near two-week high, pressured by a stronger U.S. dollar but supported by concerns over the country's growing debt and fiscal outlook. Investor uncertainty around U.

Gold prices drifted higher on Monday, steered by a softer dollar and safe-haven demand after Moody's downgraded the U.S. government's credit rating.

Gold climbs past $3,300 as Fed rate cut bets grow; silver nears key $33.23 breakout amid safe-haven flows and market volatility.

Investors will get the first chance to react to Moody’s downgrade of the U.S. credit rating late Friday over rising government debt and they’ll also look for more progress from President Trump on trade deals as the week kicks off.

The debt downgrade does nothing to impair the reserve currency status of the U.S. dollar. Given the massive short position on U.S. Treasuries, bond buyers could see a significant drop in yields and a rise in bond prices, particularly if this coincides with the onset of a recession or Fed rate-cutting cycle.