Gold hits one-week high on softer oil prices
GLD•Spot gold rose 1.3% to $4,186.04, reaching a one-week high and heading for a weekly gain of about 1% as falling oil prices eased inflation concerns and pressure on U.S. Treasuries.
1. Gold gains
Spot gold rose 1.3% to $4,186.04 by 9:39 a.m. EDT, heading for a weekly gain of about 1%. December U.S. gold futures also added 1.3%, to $4,211.20 per ounce.
2. Rates and oil
Oil prices fell after President Donald Trump said the United States would not attack Iran before next month’s midterm elections, easing concerns about supply disruptions. U.S. 10-year Treasury yields moved lower from highs reached Wednesday, while traders assessed the likelihood of further Federal Reserve rate hikes.
3. Other metals
Traders priced in a 19% chance of a rate hike in October and an 84% probability of at least one 25-basis-point increase by December. Silver gained 2.4% to $60.80 per ounce, while platinum rose 3.6% and palladium climbed 2.5%; both were headed for weekly losses.
