Gold Surges to $4,400 as Oil Prices Fall

The price of gold rose to $4,400 an ounce on Friday as falling oil prices eased inflation concerns and pushed bond yields lower. This increase in demand for precious metals is also supported by oil prices, which have fallen for a third consecutive session. Expectations of recovering supplies from Middle Eastern producers outweighed regional conflict concerns.

The price of copper futures held above $6.55 per pound, supported by signs of stronger demand from China. The Yangshan premium, a key indicator of Chinese copper demand, climbed to $121 a ton on Thursday, its highest level since November 2022.