Gold hits one-week high on easing oil prices
Gold prices rose to a one-week high on Friday, heading for a weekly gain as lower oil prices eased inflation concerns. Spot gold increased 1.2% to $4,390.11 per ounce.
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Gold prices rose 1.2% to $4,390.11 per ounce during Friday afternoon trading, heading for their first weekly gain in four sessions. The advance follows a retreat in energy markets that eased investor concerns regarding prolonged global inflation. Bullion is currently testing resistance near the $4,400 range as traders unwind short positions accumulated ahead of recent central bank rate decisions.
