Gold futures fall, head for 2nd weekly loss

Gold futures for April delivery edges down 0.5% to $5,100.4 per ounce

Gold and silver futures fell on Friday as the US dollar strengthened, while the ongoing conflict in the Middle East kept oil prices above $100 per barrel.

Gold futures for April delivery declined 0.5%, or $25.4, to $5,100.4 per ounce as of 9:30 am KSA time, and were down about 1% for the week.

Meanwhile, spot gold rose 0.29% to $5,093.9 per ounce, while spot platinum fell about 0.6% to $2,120.1, and spot palladium slipped 0.11% to $1,618.18 per ounce.

Silver futures for May delivery also dropped 2.28% to $83.11 per ounce, while spot silver declined 1.58% to $82.4.

The US dollar index edged up 0.16% to 99.9.

Tim Waterer, Chief Market Analyst at KCM Trade, said concerns about inflation and uncertainty over the Federal Reserve’s ability to cut interest rates if oil prices remain elevated are weighing somewhat on gold’s appeal.

However, he added, according to Reuters, that ongoing uncertainty about the duration and scope of the Middle East conflict is likely to keep gold attractive as a safe-haven investment.