Gold prices rise on Iran peace hopes and weaker dollar
Gold prices rose as a weaker dollar and hopes for an end to the Iran war supported the market. The metal is on track for its fourth consecutive weekly gain.
Gold prices advanced on Friday, positioning the precious metal for its fourth straight weekly increase. This upward momentum is largely attributed to a weakening U.S. dollar and growing expectations for a diplomatic resolution to the conflict in Iran, which has helped alleviate broader inflation concerns. Spot prices rose 0.7% to $4,818.96 per ounce, while U.S. gold futures saw a similar gain to reach $4,841.80.
The decline in the U.S. dollar, which influences major currency pairs like USD/CAD, has made bullion increasingly attractive to international investors. Market analysts suggest that gold is currently behaving more like a risk asset as optimism regarding regional peace grows. Peter Grant, vice president and senior metals strategist at Zaner Metals, highlighted the connection between geopolitical stability and market pressures.
