Gold prices remained largely stable on Friday, on track for a fourth consecutive weekly gain, amid easing inflation fears and elevated interest rates resulting from the potential for a US-Iran peace agreement.
As of 0435 GMT, spot gold had increased by 0.2 percent to $4,797.49 per ounce, accumulating a weekly rise of 1.1 percent. Meanwhile, US gold futures for June also climbed 0.2 percent to $4,818.80.
A 10-day ceasefire between Lebanon and Israel commenced on Thursday, coinciding with President Donald Trump’s announcement that a forthcoming meeting between the United States and Iran may occur over the weekend.
“Investors are now watching closely for concrete progress in US-Iran negotiations. Any tangible advancements or extensions of the current fragile ceasefire could further soothe oil markets and inflation concerns, potentially creating more upward movement for gold,” stated Tim Waterer, chief market analyst at KCM Trade.
The US dollar is heading for a second consecutive weekly decline, making dollar-denominated commodities more cost-effective for holders of other currencies. A drop in oil prices has allayed fears of heightened inflation, spurred by optimism surrounding an impending resolution to the Iran war.
Since the onset of hostilities in late February, gold prices have fallen over 8 percent, primarily driven by concerns that escalating energy prices could fuel inflation and maintain global interest rates at elevated levels. While gold is often seen as a hedge against inflation, rising interest rates dampen demand for this non-yielding asset.
BMI, a division of Fitch Solutions, noted, “While we expect further downside pressure on gold as the year advances, persistent geopolitical risks are likely to keep prices supported above a firm base of $3,500 per ounce, underpinned by gold’s safe-haven attributes.”
Market participants now anticipate a 27 percent probability of a 25-basis-point interest rate cut by the Federal Reserve in December, a shift from earlier expectations of two reductions this year.
In a related development, Indian banks have suspended gold and silver import orders from foreign suppliers, with significant quantities of the metals currently held at customs due to a lack of formal government authorization for bullion imports.
Spot silver gained 0.9 percent to reach $79.12 per ounce, also en route for a fourth straight weekly increase. Platinum rose by 0.3 percent to $2,092.07, while palladium climbed 0.5 percent to $1,558.47, both metals trending towards their third consecutive weekly gain.
Published on April 17, 2026.
