Gold prices continue rise amid geopolitical risk assessment

Gold bars

Gold prices continued to rise on Friday as the US dollar held steady, with investors assessing escalating geopolitical risks in the Middle East.

Gold futures for April delivery climbed 0.76%, or $38.10, to $5,035.50 per ounce at 09:14 a.m. Makkah time. However, the metal remains on track for slight weekly losses. Spot gold rose 0.54%, or $25.61, to $5,021.71 per ounce.

Silver futures for March delivery advanced 1.28% to $78.63 per ounce, while spot silver gained 0.68% to $78.88.

Spot palladium increased 0.17% to $1,696.55, and platinum rose 0.46% to $2,090.50 per ounce.

Meanwhile, the US Dollar Index — which measures the greenback’s performance against a basket of six major currencies — held steady at 97.98.

Separately, Newmont Corporation, the world’s largest gold miner, said it expects its gold production to decline by around 10% this year, partly due to planned development work at several of the mines it operates.