The higher closing price also reflects investors betting on strong demand from India and China.
"We've ended the week with a sense of continuity [because of the election], though this is mixed in with the realization that the [U.S.] fiscal cliff is just up ahead," Ben Traynor, chief economist at BullionVault, told MarketWatch.com.
Expectations of huge demand from India Sunday because of the Dhanteras festival also was given as a reason for gold's price rise, said Chintan Karnani, chief analyst at Insignia Consultants in New Delhi.
"U.S. fiscal woes have also resulted in safe-haven demand not just in [the United States] but globally," Karnani told MarketWatch in an email.
Commerzbank analysts, in a report released Friday, also highlighted strength in gold demand in China.
Silver rose 36 cents to $32.60 an ounce.
The euro was $1.2715 Friday from $1.2746 Thursday. Against the yen, the dollar was 79.50 Friday from 79.46 yen Thursday.
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