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Commodities

Gold Soars on Weaker Oil Prices and Dollar

Guavy AI Editorial Team
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Oil Gold
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Gold prices surged more than 2% on Thursday to $4,360.36 per ounce after rebounding from a near six-week low in the previous session.

The gains were attributed to weaker oil prices and a lower US dollar, which made gold more affordable for holders of other currencies.

David Meger, director of metals trading at High Ridge Futures, said that energy prices are down dramatically, removing some pressure on the gold market.

The price of oil extended its fall into a second straight day to a one-week low due to diminishing fears of supply disruptions.

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