Gold scales one-week high as crude prices ease
GLD•Other precious metals advance
"Looking ahead, the state of the conflict in the Middle East will be a key factor influencing gold prices. If the conflict prolongs and oil prices remain high well into next year, that could prompt central banks to raise rates more than investors expect, which would put downward pressure on gold prices," said Hamad Hussain, a climate and commodities economist at Capital Economics.
Spot silver XAG= rose 2.8% to $67.03, platinum XPT= gained 2.6% to $1,814.57 and palladium XPD= added 3.2% at $1,331.95. All metals were headed for a weekly gain.
Gold rises to one-week high as oil falls
Gold rose for a second straight session to a one-week high as oil prices fell on Friday and investors shrugged off the Federal Reserve's first rate hike in three years and hawkish commentary.
Spot gold XAU= was up 0.9% at $4,378.97 per ounce by 1141 GMT. US gold futures GCcv1 rose 0.4% to $4,418.50.
Oil weakness and central bank signals support bullion
Oil prices fell for a third straight session, as easing concerns over Saudi supply disruptions outweighed anxiety about a widening Middle East conflict.
