Gold and Silver Prices Drop, Oil Prices Rise Globally

SadaNews Economy - Gold prices fell today, Friday, heading toward a weekly loss, amid a rise in the dollar to levels close to its highest in a month, while investors await the release of key U.S. inflation data to assess the Federal Reserve's monetary policy direction.

Gold dropped 0.1 percent in spot trading to $4,991.99 per ounce, marking a total loss of about 1 percent since the beginning of the week.

In contrast, U.S. futures for gold for April delivery rose 0.3 percent to $5,010.20, according to CNN.

In other precious metals, silver fell 0.6 percent in spot trading to $77.88 per ounce, platinum decreased by 0.3 percent to $2,063.63, while palladium lost 0.4 percent to $1,677.71.

Additionally, oil prices rose today, heading toward recording the first weekly gains in three weeks, driven by rising fears of a conflict between the U.S. and Iran, following Washington's warnings that Tehran would face consequences if it failed to reach an agreement on its nuclear program within days.

Brent crude futures rose by 25 cents, or 0.4 percent, to $71.91 per barrel, after having increased by more than 6 percent during the previous two sessions, while U.S. West Texas Intermediate crude rose by 31 cents, or 0.5 percent, to $66.74 per barrel, according to CNN.