Gold Hits One-Week High Amid Oil Price Drop

Gold prices continued their upward trend on Friday, reaching a one-week high as investors kept a close eye on developments in the Middle East conflict. Spot gold rose 1.1% to $4,387.69 per ounce and was poised for a weekly gain of 1%. US gold futures also increased, climbing 0.6% to $4,428.

The price hike is likely due to falling oil prices, which have dropped for the third consecutive session. Despite concerns over Saudi supply disruptions, easing tensions outweighed anxiety about the widening conflict in the region.