Gold and other precious metals futures rallied Friday after the dollar hit two-year lows.

June gold rose $10.20 to finish at $689.90 a troy ounce on the New York Mercantile Exchange.

May silver rose 23.5 cents to settle at $14.09 an ounce, July platinum rose $6.90 to $1,286.40 an ounce, and June palladium climbed $6.75 to $381.05 an ounce.

Gold has been drawing buying interest since spot metal broke through technical resistance around $666.

May silver hit $14.17 an ounce, its highest level since March 1.

Gold Fields Ltd. on Wednesday said it has not been approached by any party wishing to make a bid for the company, following a runup in shares on rumors due to a media report.

Shares added 73 cents, or 3.8 percent, to $20.01 in midday trading on the New York Stock Exchange. The stock has traded between $15.85 and $26.94 in the past 52 weeks and is down about 11 percent in the same period.

The U.S. dollar fell against other major currencies in European trading Tuesday as markets reopened following the long Easter weekend. Gold rose.

The euro traded at $1.3439, up from $1.3360.

Gold traded in London at $677.60, up from $671.90 Monday on the New York Mercantile Exchange. In Zurich, gold traded at $677.00, up from $673.05. Gold closed at $676.55 an ounce in Hong Kong, up $11.10 an ounce from Wednesday's close of $665.45.

The one year chart of $GOLD (Gold Continuous Contract) shows the price of in a strong uptrend since testing support at 640.

As previously forecast gold is now toward the top of it's range and should be set to test a breakout toward 690.