New Delhi, Aug. 14 -- Gold prices are set to extend their weekly winning run as expectations of a US Federal Reserve rate hike at its upcoming meeting ease following the latest batch of economic data, while a weaker US dollar has made the greenback-priced commodity more attractive to overseas buyers.

Spot gold prices have jumped another 1% to $4,397 an ounce in Friday's trade, putting the metal on track for a second straight weekly gain, with prices up around 0.9% so far this week. In the previous session, gold touched $4,450, its highest level in 10 weeks, following softer-than-expected US inflation data.

Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "Gold traded higher this week, gaining around 1%...