Gold prices steadied on Friday after a strong rise, but they are heading for a weekly loss of 1.8 percent as inflation fears intensify due to higher oil prices, casting doubt on the path of interest rates.
Spot gold was recorded at $4,622.41 per ounce, while U.S. June futures rose 0.1 percent to $4,635.10.
Brent crude prices, meanwhile, jumped yesterday to their highest levels in four years at $126 a barrel before retreating, after Iran threatened to respond with "painful and continuous strikes" to any new U.S. attacks, while affirming its control over the Strait of Hormuz, hampering Washington’s proposed coalition to reopen the passage.
The European Central Bank, the Bank of England, the U.S. Federal Reserve, and the Bank of Japan kept interest rates unchanged this week. Meanwhile, silver rose 0.8 percent to $74.34, platinum gained 0.1 percent to $1,987.55, and palladium added 0.3 percent to $1,528.39 per ounce.
