Gold Prices Surge Amid Middle East Uncertainty

Singapore gold prices rose on Friday as markets reacted to developments in the Middle East. The price of spot gold increased by 1.1% to $4,386.39 per ounce, while US gold futures climbed 0.6% to $4,425.80.

The rise in gold prices comes despite a decline in oil prices and a weaker dollar. A weaker dollar makes commodities priced in the currency less expensive for holders of other currencies. This is particularly relevant as traders continue to monitor developments in the Middle East.

Oil prices fell for the third consecutive day, which also contributed to the rise in gold prices. The Federal Reserve's decision to raise interest rates on Wednesday signaled further hikes in the coming months, but this did not seem to dampen demand for gold.