Oil Rise Triggers Inflation Risks, Gold Heads for Weekly Loss
Gold prices were flat on Friday (April 24) but remained headed for a weekly decline, as rising oil prices and limited US dollar strength reignited inflation concerns and supported expectations of extended high interest rates.
At 5:11 a.m. ET (9:11 a.m. GMT), spot gold was relatively unchanged at US$4,692.41/oz, while gold futures fell 0.4% to US$4,707.09/oz. For the week, spot gold fell 2.9% and gold futures fell 3.5%, with pressure coming from a surge in oil prices due to uncertainty surrounding the US-Iran conflict after peace talks stalled—conditions that tend to weigh on non-yielding assets like gold. (gn)
Gold Price at the Time of This Analysis' Release: $4,681
- Buy if the price moves to $4,696
- Sell if the price moves to $4,683
Resistance 2: $4,716
Resistance 1: $4,703
Support 1: $4,677
Support 2: $4,664
Note: This article is analytical in nature and not a definitive reference. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id