Gold prices staged a powerful rebound this week, surging 7% as a sharp decline in crude oil prices eased investor fears of a US Federal Reserve rate hike and reignited demand for the yellow metal.
Spot gold rose 2.3% on Friday to $4,336.02 per ounce, after rising more than 3% earlier in the session to its highest level since June 17. The yellow metal posted its biggest weekly gain since January 19, with prices climbing more than 7% over the week. The rally marks gold’s strongest weekly performance since January, when the precious metal surged to a record high of $5,500 per ounce.
