Gold Rises as Oil Prices Fall
Gold prices have risen to nearly $4,360 per ounce on Friday after gaining almost 2% in the previous session. The precious metal has found support from falling oil prices, which have eased inflation concerns and pushed bond yields lower.
Oil prices have declined for a third consecutive session as Saudi Arabia works to restore supplies through the East-West pipeline. Markets are also focused on Donald Trump's meeting with Gulf leaders scheduled for next week.
US Treasury yields have retreated from multi-year highs, with the yield on the 10-year Treasury falling to 4.93% after briefly moving above 5% earlier this week.
Investors continue to assess the outlook for Federal Reserve policy following its first interest rate increase in three years. The Fed has signaled that further tightening may be necessary to bring inflation under control.