Profit for the two largest oil companies in the U.S. tumbled during the first quarter, a three-month period in which the price of crude and gasoline rocketed higher. It's a setback on paper only, however, the result of financial hedges that backfired after the U.S. and Israel launched attacks on Iran in late February. Exxon Mobil and Chevron reported quarterly results on Friday, with adjusted profits for both companies topping Wall Street expectations. The shares of both companies, up sharply this week, ticked higher before the opening bell.
As economic uncertainty deepens, the rush for gold continues — with prices for the precious metal topping $4,300 for the first time this week. The going price for New York spot closed at a record $4,326 per troy ounce on Thursday. Futures also traded as high at more than $4,344 per troy ounce Thursday, before falling below the $4,300 mark Friday morning. Still, gold is up 6.7% over the last week, marking one of its best weeks to date. Gold sales can rise sharply when anxious investors seek a "safe haven" for their money. For the U.S., the latest gains arrive amid the now weekslong government shutdown and ongoing trade wars abroad.
Amid widespread economic turmoil, the price of gold has soared to another record high. Gold futures surpassed the $3,000 per troy ounce mark for the first time this week, per FactSet. And the cost of New York spot isn't far behind — closing at about $2,988 Thursday. Interest in buying gold often comes at times of uncertainty, as some anxious investors look for alternative places to park their money. Gold's latest heights arrive as U.S. President Donald Trump's on-again, off-again tariffs continue to escalate a trade war and roil financial markets. If trends continue, analysts say gold's price could continue to climb in the months ahead. But precious metals are also volatile assets — and so the future is never promised.
