Gold ends week lower despite Friday gains
Spot gold rose to 4,721 dollars per ounce on Friday but still faced its first weekly loss in five weeks. High oil prices and a strong dollar weighed on bullion.
Gold prices edged higher on Friday but remained on track to record their first weekly decline in over a month. The market remains volatile as investors balance persistent inflation worries against the geopolitical friction involving the United States and Iran.
Spot bullion rose 0.6% to $4,721.15 per ounce by early afternoon, recovering from a sharper weekly slump of more than 2%. Meanwhile, U.S. gold futures for June delivery settled up 0.4% at $4,740.90. The precious metal faced significant pressure throughout the month as the ongoing conflict strengthened the dollar and fueled expectations of higher interest rates.
