Gold ?rose for a ?second straight session on Friday, ?hitting a one-week high, as oil prices fell, while investors kept a close watch on developments in the Middle East conflict.
Spot gold was up 1.1% at $4,387.69 U.S. per ?ounce and was on track for ?a weekly gain of 1%. U.S. gold futures rose 0.6% to $4,428.
Oil prices fell for a third straight session, as easing concerns over Saudi supply disruptions outweighed anxiety about a widening Middle East ?conflict.
Although gold is traditionally viewed as a hedge against inflation, higher rates can curb its demand by increasing ?the appeal of yield-bearing assets.
The US Federal Reserve raised interest rates on Wednesday and flagged more ?hikes in the coming months.
