Gold prices rise on Friday but end week lower
Spot gold climbed to $4,724 per ounce on Friday as investors monitored peace talk prospects in the Middle East. The metal is set for a weekly loss of over 2%.
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Gold prices edged higher on Friday but remained on track for their first weekly decline in five weeks. The market sentiment was driven by persistent inflation concerns and the volatile geopolitical landscape involving the United States and Iran.
Spot gold rose 0.7% to $4,724.19 per ounce by late morning, recovering some ground after a session high that saw gains exceeding 1%. Despite the daily uptick, the precious metal has shed more than 2% of its value over the course of the week. Meanwhile, U.S. gold futures for June delivery climbed 0.4% to reach $4,741.30.
