Gold edges higher on lower oil prices, subdued dollar

Business Recorder reported that spot gold rose 0.2% to $4,346.65 an ounce by 0145 GMT on Friday. Support came from weaker crude and a dollar that had pulled back from recent peaks. Investors remained focused on Middle East developments and the global monetary policy outlook.

US gold futures slipped 0.3% to $4,385.70 while crude fell 1%. When the greenback softens, buyers using other currencies find dollar-priced commodities cheaper. Pepperstone analyst Ahmad Assiri argued that the gold-oil relationship might shift if crude dropped sharply, or if fiscal concerns rather than rate expectations drove yields higher.

The Federal Reserve raised rates on Wednesday and signalled further increases in the months ahead. Goldman Sachs held its end-2027 gold forecast at $5,400, suggesting tighter policy could cool bullion's advance without stopping it. Silver climbed 0.7% to $65.61, platinum edged up 1% to $1,785.80 and palladium firmed 0.2% to $1,294.41.