Gold Prices Soar 7% in Best Weekly Gain Since January

Gold prices surged 7% this week to log their best weekly gain in eight months, sparking speculation of another bull run for the precious metal.

The rally was fueled by a sharp decline in crude oil prices, which eased investor fears of a US Federal Reserve rate hike and reignited demand for gold as an inflation hedge.

Spot gold rose 2.3% on Friday to $4,336.02 per ounce, after climbing more than 3% earlier in the session to its highest level since June 17.

Christopher Wood, Jefferies' Global Head of Equity Strategy, and billionaire hedge fund manager John Paulson suggest that gold could be at the beginning of a long-term bull run.