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Gold Gains on Dollar Weakness and Inflation Fears
Gold prices rose slightly on Friday trading, supported by a decline in the dollar and ongoing weakness in oil prices, amid continued impacts of the Federal Reserve's rate hikes on the markets. Spot gold prices reached $4,379.59 per ounce, an increase of 0.9%, while futures rose to $4,417.84, despite the pressures from interest rate hikes exceeding 3.75%, which typically negatively affect the yellow metal. It is worth noting that the rate hikes occurred amid persistent inflation concerns, especially in the energy sector. Meanwhile, oil prices declined for the third consecutive day, as supply expectations improved amid diplomatic efforts between the U.S. and Iran and Saudi Arabia's moves to restore its export capacity.
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