Gold and metals

Gold rises to one-week high as oil prices retreat

Gold rose on Friday to its highest level in a week, climbing 0.9% in spot trading to 4378.97 US dollars an ounce as oil prices fell and markets absorbed hawkish signals from the Federal Reserve.

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Gold rises to one-week high as oil prices retreat

Gold rose on Friday to its highest level in a week, climbing 0.9% in spot trading to 4378.97 US dollars an ounce by 11:41 GMT, alongside a decline in oil prices, as investors looked past the Federal Reserve's first interest-rate hike in three years and its hawkish statements.

Oil retreat supports precious metal

US gold futures rose 0.4% to 4418.50 US dollars, while oil prices fell for a third straight day as concerns about supply disruptions from Saudi Arabia eased, despite continued worries about the conflict in the Middle East widening.

The precious metal appears to have absorbed the Federal Reserve's hawkish signals and found immediate support from falling oil prices amid hopes that the US rate-hike cycle will be limited.

Hany Tan, chief market analyst at Bybit

Precious metals gain

Spot silver rose 2.8% to 67.03 US dollars an ounce, platinum climbed 2.6% to 1814.57 US dollars, and palladium gained 3.2% to 1331.95 US dollars. All three metals are heading for weekly gains.

Assets and currencies in this story

  • XAU
  • USD

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