Gold News

Gold gain and trading at $960 as the dollar slides and equities rise

Gold gain and trading at $960 as the dollar slides and equities rise

Gold tends to get support from a rise in oil prices due to concerns about oil-led inflation

Gold prices rose closer to $960 an ounce on Friday as oil extended gains and strengthened bullion’s appeal as a hedge against inflation. Expectations that the global economy may have exited its worst stage were helping improve sentiment across assets, including stocks and oil prices. Gold tends to get support from a rise in oil prices due to concerns about oil-led inflation. “Gold is getting support from the rise in oil prices but activity is subdued and trading volume is thin,” said Wakako Harada, a senior trader at Mitsubishi Corp in Tokyo. Gold is trading at $956 as of 9:46am, London Time. Gold