SINGAPORE (Commodity Online) : Gold prices advanced in Asian trade Friday after an overnight dip of 0.6 percent to finish below $1059 an ounce in New York .

Spot gold was seen trading at $1060.37 an ounce at 11.30 a.m Singapore time mainly after a weaker dollar boosted investor demand for the precious metal as a store of value.

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Bullion is up 0.8 percent this week as Dollar Index, which tracks the greenback against the currencies of six trading partners including the euro and yen, slid 0.8 percent.

The metal reached a record $1,070.80 an ounce on Oct. 14.

The dollar tumbled to a 14-month low against the euro and is set for a third weekly drop ahead of reports that are forecast to show German business confidence increased and sales of existing U.S. homes rose.

Among other precious metals for immediate delivery, silver, Platinum and Palladium were all little changed at $17.68 an ounce, $1,367.50 an ounce and $336.75 an ounce respectively.

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