Commodities
Gold Prices Edge Up Amid Lower Oil and Weaker Dollar
Gold prices rose slightly on Friday as lower oil prices and a subdued US dollar contributed to the increase. Spot gold was up 0.3 per cent at $4,352.60 per ounce as of 0050 GMT.
The Federal Reserve's interest rate hike on Wednesday had no immediate impact on gold prices, with Goldman Sachs sticking to its end-2027 forecast of $5,400 per troy ounce for the metal.
Despite a traditionally inflation-hedging property, higher interest rates can curb demand for gold by increasing the appeal of yield-bearing assets. The Bank of England kept interest rates on hold on Thursday and warned they might need to go up in the future.