Gold edges up but stays on track for weekly loss
In short
Gold prices moved a little higher on Friday after falling to their lowest level in more than a year in the previous session. Even so, gold was still headed for a weekly loss.
That matters because higher oil prices were feeding worries that the Fed may hike rates again, which can weigh on gold.
What the reporting says
Gold prices edged higher on Friday after hitting their lowest level in more than a year in the previous session. The metal remained set for a weekly fall as higher oil prices stoked concerns about another Fed hike, according to the market summary. The report points to renewed pressure on gold from rate fears, even with the day’s small rebound.
Why it matters
Gold prices edged higher on Friday after recovering from the previous session’s lowest level in more than a year. Even with the rebound, the metal was still on course for a weekly loss as higher oil prices raised concerns about another Federal Reserve hike. The source links the move to rate fears rather than any new gold-specific catalyst.