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Gold prices rose Friday as the dollar slumped against major currencies supported as well by the ongoing rise in oil prices as it hit another record high, while as the Asian session went by investors headed more towards gold driving it to set a three weeks high.

The dollar suck against majors after a report on Friday showed that consumer confidence dropped in the United States to a 28-year low as rising food and energy prices alongside the worst housing slump to hit the U.S housing sector in more than two decades are reducing consumers' spending and driving the economy into recession during this quarter according to many analysts.

While oil prices continued to be elevated as a combination among dropping supply due to many geopolitical factors along with the fact that huge investment funds are seeking the substantial returns provided by oil markets resulting in an increased level of demand made prices of oil hit a new record high just a whisker from the $128 mark a barrel.

Gold prices soar in times of economic uncertainty and rising inflation, and given both are represented in our current time, investors whom seek safety are heading into the shiny metal to commemorate its reputation to be the safest among all investments

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