Gold Rises Amid Lower Oil Prices and Subdued US Dollar

Gold prices inched higher on Friday as lower oil prices and a subdued US dollar provided support. Spot gold was up 0.3% at $4,352.60 per ounce.

The Federal Reserve's interest rate hike on Wednesday had been followed by concerns that it could curb gold's demand. However, Goldman Sachs kept its end-2027 gold price forecast at $5,400 per troy ounce, saying tighter policy is likely to slow bullion's rally but not derail it.

The Bank of England kept interest rates on hold on Thursday, while the Bank of Japan is set to raise rates to a 31-year high on Friday. The move aims to counter inflation risks.

Silver prices rose 0.7% to $65.64 per ounce, platinum gained 0.9% to $1,785.55, and palladium added 0.1% at $1,292.47.