Gold held steady on Friday but is on track for a weekly drop due to elevated oil prices, which are fueling inflation fears and expectations of prolonged high interest rates amid stalled U.S.-Iran peace talks. Spot gold rose 0.1% to $4,697 per ounce, but is down 2.6% for the week after a four-week winning streak. U.S. gold futures for June delivery fell 0.2% to $4,712.50.
Brent crude prices have surged over 18% this week, exceeding $105 a barrel, as the Strait of Hormuz remains largely closed despite an extended ceasefire. The global economy is experiencing significant strains from the energy shock caused by the Iran war, impacting factory costs and weakening economic activity. Spot silver fell 0.1% to $75.36 per ounce, while platinum decreased by 0.5% to $1,996.13.
