Commodities
Gold Surges to Three-Month High on Inflation Concerns
Gold prices have reached their highest level in over three months, rising to $4,617 per ounce. This marks a significant gain of 5% for the precious metal on a weekly basis. The current price is also the highest daily level since early February.
The surge in gold prices comes as other precious metals also saw gains. Spot silver rose 2% to $69.43 per ounce, while platinum gained 3.8% to $1,897.36. Palladium advanced 0.6% to $1,342.30.
US gold futures also saw a gain of 1.7%, settling at $4,647. The precious metal's rise is likely due to its safe-haven appeal and inflation concerns.