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Metals Stocks: Gold settles at a more than 1-week low, but inflation remains ‘economic wind of a commodity wildfire’

Gold futures settled at their lowest in more than a week on Friday, on the back of a sharp drop in oil prices and a rise in the U.S. dollar to around the highest level in about 16 months.

“The steep declines in crude oil spooked the raw commodity sector today, including the metals and gold,” Jim Wyckoff, senior analyst at Kitco.com, told MarketWatch. “Crude is the leader of the raw commodity sector, and now it looks like it has topped out, at least for the near term.”

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