Gold Edges Up as Brent Crude Retreats from $100
Gold prices edged up on Friday as Brent crude retreated from above $100 a barrel, while investors assessed developments in the West Asia conflict and their implications for inflation ahead of the US interest rate decision next week.
The spot price of gold rose 0.1% to $4,052.78 per ounce by 4:10 p.m. EDT (2010 GMT), after falling about 2% in the previous session. Prices were up 0.9% for the week so far, supported by dip-buying earlier in the week.
US gold futures for August delivery settled 0.5% higher at $4,070.80, with analysts suggesting that a stop-loss move below could not be ruled out on a sharp war escalation.
Brent crude oil prices fell over 4%, after rising over 7% to settle above $100 in the previous session for the first time since May, following Iran-aligned Houthis striking two Saudi oil tankers in the Red Sea.