Gold sets fifth straight weekly gain; ends $1,264

Gold settled higher on Friday as the dollar whipsawed and a global flight from emerging market assets set global stock markets on course for their worst week so far in 2014.

The U.S. currency remained wobbly after registering its biggest one-day drop in three months on Thursday.

Spot gold hovered near $1,265 an ounce, retreating after touching $1,272.70, its highest since mid-November.

U.S. gold futures for February delivery settled $2 higher at $1,264.3 an ounce, up 0.9 percent on the week. This is the first time since September 2012 that the metal has managed a weekly gain five weeks in a row.

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