Gold prices fell slightly in Asian trading on Friday but were heading for a moderate weekly gain as markets anticipated new ceasefire negotiations between the US and Iran.
Soft data on inflation in the US also supported the precious metal, as did the weakening of the dollar. However, the American currency recovered slightly on Friday, putting pressure on metal prices.
The spot price of gold fell by 0.2% to $4,782.34 per ounce, while gold futures decreased by 0.1% to $4,803.29 per ounce at 01:16 (01:16 Moscow time).
Spot prices traded up about 0.9% for the week, previously advancing on growing hopes for new peace negotiations between the USA and Iran. US President Donald Trump noted the improvement in relations with the country and expressed optimism about new negotiations ahead of the expiration of their ceasefire agreement next week.
Markets were also encouraged by the fact that the USA acted as a mediator in reaching a 10-day ceasefire agreement between Israel and Lebanon.
But the rise in gold was limited by ongoing caution regarding the inflationary consequences of the war with Iran, especially against the backdrop of oil prices remaining high due to the prospect of continued shipping disruptions in the Strait of Hormuz.
Spot prices remained within a trading range of $4,700-$4,900 per ounce, set over the past week, with few factors indicating a breakthrough.
Other precious metals outperformed gold this week. The spot price of silver fell by 0.4% to $78.3065 per ounce on Friday, while the spot price of platinum decreased by 0.4% to $2,083.15 per ounce. But both metals rose by more than 3% for the week.
#BTCVSGOLD , #MarketTurbulence
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