Gold Rises but Heads for First Weekly Decline in a Month

SadaNews Economy - Gold prices rose today, Friday, after recovering some of their losses from the previous session, which exceeded 1%, as investors turned to the precious metal as a safe haven amid increasing uncertainty regarding the escalation of conflict in the Middle East.

Spot gold increased by 1% to $5,128.39 per ounce, but the metal has lost about 3% since the beginning of the week, putting it on track to end a four-week winning streak, as expectations for interest rate cuts have diminished and energy prices have risen, which has heightened inflation fears, according to CNN.

U.S. gold futures for April delivery also rose by 1.2% to $5,137.50.

The dollar declined, making gold priced in U.S. currency less expensive for holders of other currencies, which supported demand for the precious metal.

Silver also rose in spot transactions by 2.6% to $84.26 per ounce, while platinum increased by about 1.6% to $2,154.60, and palladium rose by 2.2% to $1,665.21.