Gold prices on track for 4th weekly gain

Gold bars

Gold prices were steady on Friday but remained on track for a fourth consecutive weekly gain, as investors monitored developments in the Middle East alongside signals from Federal Reserve officials on the policy outlook.

June gold futures held flat at $4,809.5 an ounce, heading for a weekly rise of around 0.5%.

Spot gold was little changed at $4,787.06 an ounce, while silver gained 0.4% to $78.71.

The US dollar index, which tracks the greenback against a basket of six major currencies, was steady at 98.25 as of 09:16 am KSA time.

Silver futures for May edged up 0.1% to $78.83, while spot platinum fell 0.4% to $2,077.25. Palladium slipped 0.3% to $1,550.2.

Tim Waterer, Chief Market Analyst at KCM Trade, said any extension of the fragile truce between Washington and Tehran could ease oil market pressures and inflation concerns, potentially paving the way for further gains in gold, according to Reuters.