Gold Prices Rise Over 1% as Oil Falls
Gold prices climbed more than 1% on Friday, October 9, supported by falling oil prices and a weaker US dollar. Spot gold rose 1.4% to $4,189.99 per ounce, putting the metal on track for weekly gains. US gold futures for December delivery also advanced 1.4% to $4,215.30 per ounce.
Oil prices declined after US President Donald Trump said the United States would not attack Iran before next month’s midterm elections. The announcement eased concerns about potential disruptions to Middle Eastern energy supplies. Lower oil prices and a softer dollar strengthened expectations that the Federal Reserve could hold interest rates steady this month, supporting gold prices.
However, uncertainty over inflation and future interest-rate hikes continues to weigh on the gold market. Traders are assessing the possibility of further rate increases by the end of the year. Other precious metals also gained, with silver rising 1.7% to $60.36 per ounce, platinum climbing 3.4% to $1,690.49, and palladium advancing 3.7% to $1,162.18.
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