Gold prices struck near six-year highs on Friday as a weaker dollar and escalating US-Iran tensions fueled a flight to safer investments, while oil futures built on strong gains.
The week has been an eventful one for stock markets, crude prices and the dollar -- and investors still have a key G20 summit to look forward to amid hopes for progress on the US-China trade war.
US President Donald Trump said he approved the attack then at the last minute scrapped strikes against Iranian targets. Recent attacks on tankers close to the Strait, a key shipping lane in the Gulf region through which nearly one-third of the world's oil is transported, sent oil prices surging late last week.But it was gold's turn to take center stage on Friday, with the commodity reaching $1,411.63 an ounce, the highest level since September 2013.
Stock markets also cheered the Fed's pivot, which opened the door to a potential rate cut as soon as July, although Wall Street retreated from Thursday's gains, which took the S&P 500 to a new record.
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