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Gold gains on dollar weakness and inflation worries
Gold prices rose slightly on Friday, supported by a decline in the dollar and ongoing decreases in oil prices, despite pressure from the Federal Reserve's first interest rate hike in over three years, which increased rates by 0.25% to a range of 3.75% – 4%. Futures contracts for gold also saw a 0.4% increase, reaching $4,417.84 per ounce, while the spot price of gold climbed to $4,379.59, with limited weekly gains. The main influences on gold remain the impact of the rate hike and a strong dollar, while the decline in oil helped mitigate the effect of the interest rate increase. This comes amid continued inflation concerns, particularly in the energy sector, and expectations that it could take years for inflation to return to the 2% target.
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