Precious metals maintained their weekly gains on Friday owing to reduced crude oil prices, which eased some inflation pressures, despite increased Treasury yields and strength in the dollar. The precious metals complex remained closely linked to events in the energy complex, interest rates, and geopolitical risks.

Gold spot price was quoted around $4,382.38 an ounce, posting an increase of around 0.85% during the day, while silver spot price stood at around $66.13, increasing by 1.58%, according to the September 18 market report from Kitco. Spot gold was quoted at approximately $4,390.11 per ounce, on course for a first weekly gain in four weeks, according to Reuters.

The lower crude oil prices supported the bullion, due to easing of immediate inflation worries over energy prices. Brent Crude closed at $104.87 per barrel, decreasing by 0.93%, while WTI crude closed at $100.30 per barrel, decreasing by 1.58%. This decrease came after there were some hints of reduction in worries regarding oil supply disruption in the Middle East.

On the other hand, the increase in the yields of Treasury was causing difficulties for the precious metals as well. The U.S. 10-year Treasury yield came back to the 5% level after closing at 4.94% in the previous trading session. Increased yields can lead to higher opportunity costs for non-yielding investments, which may include gold and silver. Also, the dollar appreciated against its rivals, which could put additional pressure on dollar-denominated precious metals.

The decision of the Fed to raise interest rates by 25 basis points was also an important driver in financial markets. Traders will keep monitoring the prospects of additional rate hikes by the Fed as they deal with persisting inflation risks.

In spite of all those factors, the precious metals managed to maintain their weekly gains. Oil prices, Treasury yields, expectations regarding Federal Reserve and geopolitical events are likely to attract traders’ attention in the upcoming sessions.