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Gold prices reached a one-week high during Friday trading, supported by a decline in oil prices and easing concerns regarding persistent inflationary pressures. The precious metal is currently on track to record its first weekly gain in four weeks.
Spot gold rose 1.2 percent to 4,390.11 dollars per ounce, marking its highest level since September 11. The metal has gained approximately 1 percent since the beginning of the week. Additionally, U.S. gold futures increased by 0.6 percent at settlement, reaching 4,424.90 dollars per ounce.
Chris Gaffney, president of world markets at EverBank, stated that the decline in oil prices is alleviating inflationary pressure, noting that oil has been a primary driver of inflation. Gaffney added that precious metals investors have begun to exit short positions that were opened in anticipation of a decline in gold prices. He further noted that gold is currently testing a resistance level between 4,400 and 4,440 dollars per ounce, suggesting that surpassing this range could lead to further gains.
Brent crude prices fell for the third consecutive session as concerns over potential disruptions to Saudi oil supplies eased, despite ongoing anxiety regarding the potential expansion of conflict in the Middle East. Meanwhile, the U.S. dollar climbed to its highest level in more than seven weeks, which increases the cost of gold for holders of other currencies.
The U.S. Federal Reserve raised interest rates on Wednesday by 25 basis points, bringing the target range to between 3.75 percent and 4 percent.
In other precious metals markets, spot silver rose 2.3 percent to 66.70 dollars per ounce. Platinum increased by 2.2 percent to 1,812.50 dollars, and palladium rose 1.5 percent to 1,310.20 dollars.
Article and image source: assabeel.net
