Gold hits 1-week high as oil eases inflation worries
Gold just hit its highest point in a week, thanks to falling oil prices calming inflation worries. But the jump wasn't huge.
Since the US dollar got stronger, gold became pricier for people using other currencies.
Plus, with the Federal Reserve raising interest rates again (now at 3.75% to 4%), investors are rethinking if gold is still their go-to for beating inflation.
Spot gold at $4,352.39 per ounce
Spot gold was up 0.3% at $4,352.39 per ounce this week, and bullion had gained 0.2% so far this week, and silver, platinum, and palladium all saw small gains too.
While cheaper oil helped ease inflation fears, it also brought up concerns about Middle East tensions.
In India, people are holding off on buying gold expecting better deals ahead; meanwhile, in China, demand stayed strong with steady premiums.
The global precious metals scene is still pretty sensitive to economic shifts and world events right now.