Gold Surges to One-Week High on Falling Oil Prices

Gold prices rose for a second consecutive session on Friday, reaching a one-week high of $4,387.69 per ounce at 08:29 GMT.

This represents a 1.1% gain from the previous day and sets gold up for a weekly increase of around 1%, according to current market data.

The rise in gold prices comes as oil prices continued to decline for the third consecutive session, with concerns about supply disruptions easing.

Bybit chief market analyst Han Tan noted that gold has shown resilience in the face of hawkish signals from the U.S. Federal Reserve, citing lower oil prices and expectations for limited rate hikes as supporting factors.