Gold Records Biggest Weekly Rally Since August, Crude Oil Crashes Over 12% As Fed Rate Fears Cap Gains
New Delhi: Gold prices recorded their strongest weekly rally since August, gaining nearly 4.5 per cent, even as crude oil prices plunged more than 12 per cent amid changing global economic expectations and uncertainty over US monetary policy. Gold Rally Precious metals attracted investor interest as concerns over the artificial intelligence sector triggered a shift from equities towards…
Gold prices experienced their strongest weekly rally since August, rising nearly 4.5 percent, as concerns over the artificial intelligence sector prompted investors to shift from equities to commodities. However, gold's gains were short-lived, as it retreated by 1.20 percent on Friday following stronger-than-expected US employment data, which pushed the dollar and Treasury yields higher.
Meanwhile, global crude oil prices plummeted more than 12 percent, with both WTI and Brent crude futures losing over 12 percent, driven by expectations of policy changes following the US midterm elections and heightened uncertainty surrounding the Federal Reserve's monetary policy outlook.
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