Gold and silver slide as oil surge raises inflation concerns
Gold and silver took a hit this Friday, with gold dropping to $4,369.40 an ounce and silver sliding to $63.91.
A key reason? Crude oil prices shot up, making investors nervous about inflation and what the US Federal Reserve might do next with interest rates.
Analysts expect gold $4,300 to $4,500
Brent crude is now above $108 a barrel, after a big more than 6% jump yesterday.
That's got higher oil prices worrying investors about rising costs, and when inflation goes up, gold tends to lose its shine for investors.
Still, gold got a bit of support from a weaker US dollar and strong ETF inflows ($18 billion in August).
Analysts expect gold to stay between $4,300 and $4,500 for now, while silver could see bigger swings thanks to headlines and US inflation data.
Everyone's waiting for the Fed's next move before making big decisions.