Gold Prices Soar Amid Weakening Dollar and Falling Oil

Gold prices have surged in recent days due to increased geopolitical risks and a weakening US dollar. As Brent oil prices fell by 2.8% to $102.86 per barrel, gold became an attractive safe-haven asset.

The spot price of gold traded at $4,370 with a 2.4% increase as of 1416GMT, while US gold futures contracts rose by 0.54% to $4,410.

Experts attribute the rise in gold prices to the drop in oil prices and the easing of the US dollar index from a seven-week high. They note that there is a strong inverse correlation between gold and energy prices due to inflationary pressures.