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Gold prices rose on Friday to their highest level in a week as inflation concerns eased and U.S. Treasury bonds came under pressure due to falling oil prices, as investors assess the possibility of the Federal Reserve (the U.S. central bank) raising interest rates again.
Spot gold rose 1.3% to $4186.04 per ounce, heading for weekly gains, after hitting a two-month low on Wednesday, pressured by a stronger dollar and rising U.S. Treasury yields.
U.S. gold futures for December delivery rose 1.3% to $4211.20 per ounce.
Oil prices fell as concerns over Middle East supplies eased somewhat following a statement by U.S. President Donald Trump that the United States would not launch an attack on Iran before the midterm congressional elections scheduled for November.
U.S. 10-year Treasury yields fell on Wednesday from their highest level in more than two decades.
As for other precious metals, spot silver rose 3% to $61.10 per ounce.
Platinum rose 3.6% to $1692.85, and palladium rose 2.5% to $1151.08. Both metals are heading for weekly losses.
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