Commodities
Gold Soars on Lower Oil Prices and Easing Inflation Concerns
Gold prices surged to their highest level in nearly a week on Friday, and were poised for their first weekly gain in four sessions, as a decline in oil prices eased inflation concerns.
The spot price of gold XAU= rose by 1.2% to $4,390.11 per ounce at 2:14 p.m. EDT (1812 GMT), after hitting its highest level since September 11 earlier in the day.
Gold futures GCcv1 settled 0.6% higher at $4,424.90, while other precious metals also gained ground, with spot silver XAG= rising 2.3% to $66.70 and platinum XPT= gaining 2.2% to $1,812.50.
According to Chris Gaffney, president of world markets at EverBank, the easing of oil prices has reduced inflation pressures, which has led investors to unwind their short positions in gold.