Gold Prices Edge Up Amid Lower Oil Prices and Weaker Dollar

Gold prices rose slightly on Friday as lower oil prices and a weaker US dollar provided support. The spot gold price increased by 0.3% to $4,352.60 per ounce, while US gold futures for December delivery decreased by 0.2% to $4,391.60.

The Federal Reserve's decision to raise interest rates on Wednesday and signal further hikes in the coming months had a mixed impact on gold prices. Goldman Sachs maintained its end-2027 gold price forecast at $5,400 per troy ounce, indicating that tighter monetary policy would slow but not derail bullion's rally.

The Bank of England kept interest rates unchanged on Thursday, while warning that they might need to increase them in the future. The Bank of Japan is set to raise its interest rate to a 31-year high on Friday and pledge to deliver more to counter inflation risks.