Gold rises modestly on cheaper oil and weaker dollar
Business
Gold prices saw a small bump this Friday, helped by cheaper oil and a weaker US dollar. With ongoing geopolitical tensions and shifting monetary policies, investors are keeping a close watch.
Spot gold rose 0.3% to $4,352.60 per ounce, while December gold futures dipped slightly.
Gold $5,400 call from Goldman Sachs
A drop in oil prices and the softer US dollar have made gold more appealing for global buyers.
Even after the US Federal Reserve raised rates, Goldman Sachs thinks gold could reach $5,400 by end-2027.
The Bank of England kept rates steady but hinted at future hikes; the Bank of Japan is set to raise rates to a 31-year high on Friday and pledge to deliver more to counter inflation risks.
Silver, platinum, and palladium also edged up.