Mr. Gnansekhar
Teaser: Gold prices soared to a one-week high on Friday, on course for their first weekly rise in four months, as lower oil prices alleviated concerns about protracted inflationary pressures. Brent crude oil prices fell for the third day in a row as fading concerns about Saudi supply interruptions overcame concerns about a worsening war in the Middle East. Lower oil prices alleviated some inflation concerns, but the potential of a Middle East supply shock remained a major issue. The dollar surged to a more than seven-week high, making greenback-priced bullion pricey for holders of other currencies. According to the CME FedWatch tool, market participants are now pricing in a 55% possibility of another US rate hike when central bankers meet in October.