Gold prices on the rise

The price of gold fell on Friday on the back of a strong dollar. The greenback index rose by 0.23% to over 104.

This strengthening of the US currency had a negative impact on gold prices. On Thursday, gold bullion peaked at over $3,000. This trend has continued since the start of the week, with the price rising by around 15%.

A rise fuelled by several factors. Demand for gold from central banks, and the global economic uncertainty seen last year. Gold is also seen as a hedge against inflation.

Renewed tensions in the Middle East have also helped propel the price of the metal. While it is said to protect against political and economic turbulence.

Enough to prompt analysts to bet on a future rise in gold.

Oil is also in the best of hands. Crude oil prices rose on Friday.The trend was triggered by the sanctions against Iran announced by the US Treasury on Thursday. And the production cuts agreed by the Organisation of the Petroleum Exporting Countries and its allies. The plan calls for monthly cuts of between 189,000 and 435,000 barrels/day until 2026.

As a result, Brent and WTI could rise by around 2%. The biggest rise since the start of the year.

source: africanews