Gold edges higher on lower oil prices, subdued dollar
GLD•Silver, platinum and palladium also rise
Spot silver XAG= rose 0.7% to $65.61 and was headed for a weekly gain.
Platinum XPT= gained 1% to $1,785.80 and palladium XPD= added 0.2% at $1,294.41.
(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu)
Gold edges higher as oil prices fall and dollar stays subdued
Gold inched higher on Friday as lower oil prices and a subdued US dollar offered support, while market participants kept their focus on developments in the Middle East and the outlook for global monetary policy.
Spot gold XAU= was up 0.2% at $4,346.65 per ounce, as of 0145 GMT. US gold futures GCcv1 were down 0.3% at $4,385.70.
Oil prices fell 1%, while the dollar remained subdued after retreating from recent highs. A weaker dollar makes greenback-priced commodities less expensive for holders of other currencies. O/R USD/
The link between gold and oil could weaken if oil corrects sharply, easing inflation and rate-hike expectations, or if extreme escalation forces the world to counter recession, or if fiscal recklessness dominates the horizon over the rate channel, said Ahmad Assiri, research strategist at Pepperstone.
