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Commodities

Gold Price Surges Amid US Economic Weakness and Middle East Optimism

Guavy AI Editorial Team
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Gold
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The gold price surged on Friday and is on track for its best week since January, driven by softer US labour data and optimism over a Middle East peace deal.

Silver spot prices rose as much as 4.5% to about $53.85 an ounce, with the metal's weekly rise reaching 11%, according to Mining.com.au.

The gold price shot up to its highest level in nearly two months, at around $4,372 (6,190) an ounce, extending the metal's weekly gain to 8%.

According to a StoneX analyst, this is due to hopes of peace in the Middle East reducing inflation expectations and allowing gold to break out of its multi-week consolidation.

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