Gold and silver surge amid inflation and global tensions
Business
Gold and silver prices shot up on Friday, with investors looking for safer bets thanks to stubborn inflation and ongoing global tensions.
Gold bounced back 2.2% to $4,204.40 an ounce after a rough week, while silver jumped 4.3% to $66.77, boosted by safe-haven demand and its industrial-use outlook.
Gold set for weekly drop
Even with today's gains, gold is still set for a weekly drop because US inflation came in higher than expected, making it less likely the Federal Reserve will cut rates anytime soon.
Tensions in West Asia have pushed up energy costs, adding more pressure on prices.
Meanwhile, uncertainty around U.S.-Iran relations is keeping people interested in gold as a backup plan, while silver's industrial uses are also helping its rise.