Shafaq News

Gold rose 2% on Friday, buoyed by a weaker dollar and ‌bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates.

Spot gold rose 2% to $4,466.38 per ounce as of 0637 GMT. ​The commodity has fallen about 0.5% so far this week.

U.S. gold futures for April delivery ​gained 1.9% to $4,461.

The dollar eased, making greenback-priced bullion cheaper for holders of other ⁠currencies.

Gold prices are down about 16% since the U.S.-Israeli war on Iran began on February ​28, pressured by a stronger U.S. dollar, which has gained more than 2% over the same period.

"For ​weeks, gold has been treated as a liquidity asset sold to cover volatility and margin calls elsewhere, but at current levels, it is now looking more like a value proposition for investors, which is why it's back ​in favour today," said Tim Waterer, chief market analyst, KCM Trade.

"However, hawkish central banks wary of ​persistent oil-driven inflation, continue to act as a heavy lid on gold's ambitions to the upside, keeping any rally ‌firmly ⁠in check."

Spot silver rose 3.1% to $70.10 per ounce. Spot platinum gained 3.5% to $1,891.02, while palladium rose 3.3% ​to $1,398.30.

(Reuters)

Only the headline is edited by Shafaq News Agency.