Gold prices rise on US-Iran truce and weaker dollar

Gold prices edged higher on Friday, positioning the precious metal for a weekly gain as the value of the dollar softened following a tentative truce between the United States and Iran. Market participants are currently evaluating the longevity of this ceasefire and its potential influence on future interest rate decisions.

Spot gold increased by 0.4% to reach $4,780.22 per ounce, marking a cumulative gain of more than 2% for the week. Meanwhile, U.S. gold futures saw a slight decline of 0.3%, settling at $4,805.40. Independent metals trader Tai Wong noted that buyers are cautiously regaining control of the market narrative, supported by a series of higher daily lows.