Gold settles higher, posts weekly gain
Gold bars
Gold prices rose at Friday’s settlement, posting their first weekly gain in four weeks as lower oil prices eased concerns about persistent inflationary pressures.
Brent crude extended losses for a third straight session, as easing concerns over supply disruptions outweighed fears of a broader conflict in the Middle East.
Chris Gaffney, president of world markets at EverBank, told Reuters that precious metals investors had been pricing in a U.S. interest rate hike and had increased short positions to benefit from an expected decline in gold prices, before moving quickly to cover those positions as oil prices fell.
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Gold, Silver Futures Prices |
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Metal |
Price (USD/oz) |
Change ($) |
Change (%) |
Weekly Performance |
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Gold (December delivery) |
4424.90 |
25.20 |
+0.57% |
+0.36% |
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Silver (September delivery) |
66.556 |
1.086 |
+1.66% |
+3.10% |
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