Gold Surges to 7-Week High as Oil Prices Weaken
Gold prices rose on Friday and were on track for their biggest weekly gain since January 2026. The rally was supported by weaker oil prices, while investors awaited US employment data that could provide fresh signals on the Federal Reserve's interest rate path.
Spot gold rose 0.4% to $4,254.11 per ounce at 1:56 AM GMT, after touching its highest level in seven weeks in the previous session. On a weekly basis, the precious metal has gained more than 5%. Meanwhile, US gold futures rose 0.3% to $4,312.00 per ounce.
Matt Simpson, Senior Analyst at StoneX, said easing tensions in the Middle East had lowered inflation expectations, providing support for gold prices. 'Expectations of peace in the Middle East have pushed inflation expectations lower, allowing gold to break out of several weeks of consolidation above the $4,000 level.'