Gold Soars to Near $4,345 as Dollar Weakens and Oil Prices Fall

Gold prices rose to near $4,345 during the early Asian session on Friday as the US Dollar weakened and crude oil prices dropped. This comes after a six-week low for gold amid falling oil prices and a weaker US Dollar.

According to David Meger, director of metals trading at High Ridge Futures, lower energy prices are removing some pressure on the gold market. He noted that 'energy prices are down fairly dramatically today,' which is contributing to the increase in gold prices.

However, the prospect of further US interest rate hikes could exert selling pressure on the gold price. The Federal Reserve raised interest rates by 25 basis points last Wednesday, and traders now expect a nearly 53.1% chance of another rate hike when the central bankers meet next in October.