Gold climbs towards $4,200 as softer oil and weaker dollar lift bullion

Gold climbed towards $4,200 an ounce on Friday, extending gains for a second consecutive session as a weaker US dollar and falling oil prices supported bullion. Silver also rebounded towards $61 an ounce after slipping below $59 to two-month lows, aided by improving risk sentiment and renewed industrial and safe-haven demand. Oil prices retreated after US President Donald Trump signalled productive discussions with Iran and ruled out military strikes before the November midterm elections, easing concerns over supply disruptions and inflation. The decline in oil prices also reduced expectations of a near-term Federal Reserve rate hike. On the MCX, December gold futures rose more than 1% to Rs 1,51,317 per 10 grams, while silver futures advanced 2% to Rs 2,24,672 per kg.

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