Gold and Silver Prices Climb on Oil Price Drop and Softening Dollar

Gold and silver prices rose on Friday afternoon as crude oil prices retreated and the US dollar softened. Spot gold increased by 0.73% to around $4,347 an ounce, while silver gained 1.28% to about $64.26.

The August US inflation report met expectations, which helped calm risk appetite and boost equity markets. However, oil prices fell approximately 3% after reaching a four-month high, casting some caution in the market.

Despite this, gold and silver still need to break through key resistance levels for a sustained rebound amid ongoing geopolitical tensions affecting oil supply and inflation expectations.