Gold heads for weekly gain as oil, yields slide

Gold surged above $4,400 an ounce on Friday, putting the metal on track to end the week higher after three consecutive weekly declines, as softer oil prices eased inflation concerns and helped drive bond yields lower. US 10-year Treasury yields retreated from a multi-year high of 5.04% towards 4.94%, reducing the opportunity cost of holding non-yielding bullion. The dollar index remained around 100, near seven-week highs, as markets continued to assess the Fed?s latest rate decision and prospects for further tightening. Silver outperformed, rising more than 2% towards $68, while gold futures gained 0.5% to $4,425. Domestically, MCX October gold futures advanced 0.8% to ₹154,141 per 10 grams.

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