Base metals including gold and silver futures contracts moved in a bullish rally on Friday as the US dollar declined over escalating political unrest in Middle East and North Africa. Investors were also uncertain about the sovereign debt in the euro zone region.

Vice president George Gero from RBC Wealth Management commented on the raising euro zone debt concerns, “Leaders at the Group of Eight meeting have not reported any progress on any fronts” he further added, “No one wants to be short for the extended holiday.”

Gold futures contract for August delivery remained highly traded and surged 0.9 percent or $13.60 to $1,537.30 per ounce on Comex trading session of New York Mercantile Exchange.

Silver futures contract for July delivery also surged 1.4 percent or $0.53 to $37.86 per ounce. The contract surged 7.9 percent for the current week as the greenback remained under pressure. Commodities are often inversely correlated with US dollar and rise when the US currency falls.

The dollar index DXY which measures the US dollar’s performance against its six major rival currencies declined to 74.936 on Friday as compare to 75.598 on Thursday’s North American trading session.

The other base metals also remained bullish due to falling US dollar. Platinum futures contract for July delivery surged 1.2 percent or $21.90 to $1,800 per ounce. The respective contract advanced 1.7 percent for the week.

Palladium futures contract for June delivery also surged 0.4 percent or $2.70 to $759.90 per ounce and gained 3.3 percent for the current week.

Copper futures contract for July delivery slightly gained to $4.19 per pound while surged 1.7 percent for the week.