BENGALURU: Gold held largely steady on Friday and was on track for a fourth straight weekly gain, as hopes for a US-Iran peace deal eased fears of higher inflation and elevated interest rates.
Spot gold eased 0.1 percent to $4,784.72 per ounce by 9:46 a.m. Saudi time, but was up about 1 percent so far this week. US gold futures for June fell 0.1 percent to $4,805.20.
A 10-day ceasefire between Lebanon and Israel went into effect on Thursday and US President Donald Trump said the next meeting between the US and Iran may take place over the weekend.
“Investors are now watching closely for concrete progress in US-Iran negotiations. Any progress or extension of the current fragile ceasefire could further calm oil markets and inflation fears, potentially unlocking more upside for gold,” said Tim Waterer, chief market analyst at KCM Trade.
The US dollar was headed for a second weekly drop, making greenback-denominated commodities more affordable for holders of other currencies.
