Gold Edges Higher on Weaker Dollar and Falling Oil Prices

Gold prices rose slightly on Friday as lower oil prices and a subdued US dollar provided support. The yellow metal gained 0.3% to reach $4,352.60 per ounce.

Oil prices fell by 1%, while the dollar remained weak after retreating from recent highs. A weaker dollar makes greenback-priced commodities less expensive for holders of other currencies.

The Federal Reserve raised interest rates on Wednesday and signaled more hikes in the coming months. The Bank of England kept interest rates on hold, but warned they might have to increase them. The Bank of Japan is expected to raise rates to a 31-year high on Friday.