Gold Prices Rebound as Oil Prices Cool

World gold prices rebounded on Friday, marking their first week of gains after three consecutive weeks of decline. The recovery was attributed to cooling oil prices, which reduced concerns about inflationary pressure.

The spot gold price rose by 0.84% to $4,378.23 per ounce, while December gold futures contracts increased by 0.37% to $4,415.90 per ounce. Spot gold prices even touched a high of $4,390.11 per ounce, their highest level since September 11.

The decrease in oil prices, specifically Brent crude, was the main factor contributing to the rebound in gold prices. This cooling effect on inflationary pressure allowed gold to recover and gain traction.

Despite the US Federal Reserve's interest rate hike of 0.25 percentage points to a range of 3.75-4%, gold prices did not fall as expected. The narrowing of selling positions and the reduction in inflation concerns contributed to the price recovery.