Commodities
Gold Soars 2.3% as Oil Prices Fall to One-Week Low
Gold prices rose sharply on September 17 as lower oil and dollar prices eased inflation pressures. During US trading, gold climbed 2.3% to $4,360.36 an ounce. The precious metal had fallen to a near six-week low the previous day.
The softer dollar and declining oil prices helped bullion recover from its recent slump. Oil prices fell for a second consecutive day to a one-week low as fears of supply disruptions diminished.
According to David Meger, director of metals trading at High Ridge Futures, lower energy prices have reduced inflation pressure on the gold market. 'So it's these lower energy prices that are removing some of that pressure on the gold market,' he said.