Gold prices were steady on Friday but remained on track for a weekly decline, as rising oil prices heightened inflation concerns and cast uncertainty over interest rate expectations.
Spot gold was little changed at $4,622.41 per ounce as of 00:46 GMT, after rising more than 2% in the previous session. The precious metal is set to record a weekly loss of 1.8%.
U.S. gold futures for June delivery rose 0.1% to $4,635.10 per ounce.
On Thursday, Iran said it would respond with “painful and prolonged strikes” against U.S. targets if Washington resumes attacks, while reaffirming its stance on the Strait of Hormuz—complicating U.S. plans to form a coalition to reopen the route.
Meanwhile, Brent crude oil prices surged to a four-year high above $126 per barrel on Thursday before easing.
Major central banks—including the European Central Bank, the Bank of England, the Federal Reserve, and the Bank of Japan—kept interest rates unchanged this week, as expected.
Among other precious metals, silver rose 0.8% to $74.34 per ounce, platinum gained 0.1% to $1,987.55, and palladium increased 0.3% to $1,528.39.
Reuters
