Gold edges higher despite looming weekly market losses

Global gold prices posted a modest increase on Friday, although the precious metal remained on track to record a weekly loss as investors assessed currency movements and ongoing geopolitical tensions.

Spot gold rose 0.2% to $4,128.92 per ounce, recovering slightly after recent declines. Despite the day’s gains, bullion is still expected to finish the week more than 1% lower, reflecting cautious investor sentiment and shifting market expectations.

Other precious metals also recorded gains during Friday’s trading session. Silver climbed 0.8% to $60.46 per ounce, while platinum advanced 1.6% to $1,636.68 per ounce. Palladium also gained 1.6%, reaching $1,267 per ounce. However, like gold, all three metals remain on course to end the week in negative territory as broader market pressures continue to weigh on prices.

A weaker US dollar provided some support to the precious metals market. The dollar slipped to its lowest level in a week, making gold and other dollar-priced commodities more affordable for buyers using foreign currencies. A softer dollar often boosts demand for gold, as it reduces the cost of purchasing the metal in international markets.

Despite this support, investor sentiment remains cautious due to uncertainty surrounding global economic conditions and geopolitical developments. Market participants continue to monitor international events closely, particularly those that could influence safe-haven demand and commodity prices.

Meanwhile, crude oil prices are heading for a weekly gain as tensions in the Middle East continue to escalate. The latest developments involve an exchange of attacks between the United States and Iran, raising concerns about regional stability and the potential impact on global energy supplies.

According to reports, Iran targeted US military installations in Gulf countries on Thursday. The strikes followed US attacks on Iran’s southern coastal areas and eastern provinces, marking another escalation in the ongoing confrontation between the two countries.

The heightened geopolitical tensions have supported oil prices, with traders closely watching developments for any signs of supply disruptions or further military escalation. Energy markets remain sensitive to events in the region, as the Middle East plays a crucial role in global oil production and exports.

Financial markets are expected to remain volatile in the coming days as investors evaluate economic indicators, currency movements, central bank expectations, and geopolitical risks. Precious metals and energy prices are likely to continue reacting to these factors, with traders seeking safe-haven assets while monitoring developments that could shape global market sentiment.