Gold Prices Soar Above $4,500 as Treasury Moves to Contain Borrowing Costs

Gold prices continued their upward trend on Friday, reaching new heights above $4,500 an ounce. The strengthening market was fueled by a weaker U.S. dollar and efforts by the Treasury to keep long-term borrowing costs in check.

The price of crude oil pulled back from its one-month high following strict economic sanctions imposed on Iran by the U.S. Despite this dip, oil prices remain on track for another week of significant gains due to the ongoing tensions in the Strait of Hormuz.

Silver is also showing promise, with Axis Securities recommending a buy above 248,500 rupees with a stop loss below 244,500 and target prices of 253,000 and 257,000.