Gold Hits One-Week High as Oil Prices Fall and Dollar Subsides
Gold prices rose for the second straight session to a one-week high on Friday as lower oil prices and a subdued US dollar provided support. The market remained focused on developments in the Middle East and the outlook for global monetary policy.
The spot gold price increased by 0.9% to $4,378.97 an ounce, while US gold futures rose 0.4% to $4,418.50.
The price movements came despite the Federal Reserve's first rate hike in three years and hawkish commentary from market participants.