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Gold prices climbed on Friday, positioning the precious metal for a weekly gain as investors retreated from riskier assets and sought refuge in safe haven investments like bullion and the U.S. dollar. The move came amid ongoing uncertainty surrounding U.S.-Iran peace negotiations and intensifying conflict in the Middle East.
Spot gold rose 2.6% to settle at $4,492.74 per ounce, while gold futures gained 2.5%, closing at $4,520.40 per ounce. For the week, spot gold was on pace for a 0.4% gain — a modest recovery following its steepest weekly decline in over four decades.
Despite the rebound, gold has struggled to fully reclaim its traditional safe haven status throughout the current Middle East crisis. A stronger U.S. dollar and persistent expectations of elevated interest rates — driven by inflationary pressure from rising oil prices — have continued to weigh on bullion's performance.
Joseph Cavatoni, senior market strategist at the World Gold Council, noted that the price recovery reflects how sensitive gold markets are to shifting macroeconomic signals. He emphasized that rate expectations and currency movements are currently exerting more immediate influence on gold than geopolitical risk alone. Nevertheless, Cavatoni maintained that gold's long-term fundamentals remain solid, supported by continued central bank demand, elevated global debt levels, and persistent economic uncertainty. He described recent price fluctuations as short-term recalibration rather than a structural breakdown in the broader gold rally.
Spot gold remains roughly 15% below its level at the start of the Iran conflict in late February and approximately 20% off the record highs reached in January.
Friday's session was further unsettled by geopolitical developments, including President Trump's extension of a deadline for Iran to reopen the Strait of Hormuz. Iranian officials confirmed that Israel struck several industrial and civilian energy sites, complicating diplomatic efforts and keeping investor sentiment fragile.
