Gold prices edged higher on Friday as investors monitored reports of a pending U.S.-Iran agreement, while concerns over rising US inflation and the prospect of prolonged high interest rates continued to support bullion.
Spot gold rose 0.1% to $4,505.57 an ounce by 04:22 GMT, while US gold futures gained 0.1% to $4,535.90. Despite the uptick, gold was down about 0.1% for the week.
The metal hit a two-month low on Thursday before rebounding after reports that Washington and Tehran had agreed to extend a ceasefire. Market participants are now awaiting formal approval of the deal, which Reuters sources said would also ease shipping restrictions through the Strait of Hormuz.
US President Donald Trump has yet to approve the agreement, while Iranian state media said it remains unfinished.
Among other precious metals, spot silver was little changed at $75.61 an ounce, while palladium rose 0.5% to $1,375.63. Both metals were on track for weekly gains.
Platinum fell 0.4% to $1,914.95 and was headed for a weekly loss.
Gold prices edged higher on Friday as investors monitored reports of a pending U.S.-Iran agreement, while concerns over rising US inflation and the prospect of prolonged high interest rates continued to support bullion.
Spot gold rose 0.1% to $4,505.57 an ounce by 04:22 GMT, while US gold futures gained 0.1% to $4,535.90. Despite the uptick, gold was down about 0.1% for the week.
The metal hit a two-month low on Thursday before rebounding after reports that Washington and Tehran had agreed to extend a ceasefire. Market participants are now awaiting formal approval of the deal, which Reuters sources said would also ease shipping restrictions through the Strait of Hormuz.
US President Donald Trump has yet to approve the agreement, while Iranian state media said it remains unfinished.
Among other precious metals, spot silver was little changed at $75.61 an ounce, while palladium rose 0.5% to $1,375.63. Both metals were on track for weekly gains.
Platinum fell 0.4% to $1,914.95 and was headed for a weekly loss.
