Gold jumps to $4,366 as oil slips, dollar weakens

Spot gold climbed 2.37 per cent to $4,365.66 an ounce by 10:01 am PST on Friday, according to Mettis Global. The rise came as weaker oil prices and a softer US dollar supported the metal, while investors kept watching Middle East developments and the global policy outlook.

The US Federal Reserve lifted rates on Wednesday and signalled further increases in coming months. Goldman Sachs kept its end-2027 gold forecast at $5,400 despite the rate move, saying tighter policy would probably slow bullion's rally rather than halt it, according to CNBC.

Elsewhere, the Bank of England kept rates unchanged on Thursday but warned of a possible rise, while the Bank of Japan increased rates to a 31-year high on Friday. Oil fell 1 per cent and the dollar stayed weak after easing from recent highs. Silver rose 0.7 per cent to $65.61, platinum gained 1 per cent to $1,785.80 and palladium added 0.2 per cent to $1,294.41.