Gold edged higher on Friday as falling oil prices and a subdued U.S. dollar supported the precious metal, The Economic Times reports. Spot gold rose 0.3% to $4,352.60 per ounce, while oil prices fell about 1%. A weaker dollar makes gold cheaper for buyers using other currencies.
Investors remain focused on Middle East developments and global monetary policy. The U.S. Federal Reserve recently raised interest rates and signaled that further hikes could come, while the Bank of England held rates steady and the Bank of Japan was expected to raise rates. Higher interest rates can weigh on gold because the metal does not generate interest income.
