Gold prices rise, but fail to achieve weekly gains

Futures for gold nearing expiration surged 2.7% on Friday, with prices climbing to $4,492 per ounce and successfully reversing the previous day's decline caused by a strong US dollar and rising US Treasury yields. However, this increase was not enough to change gold's downward weekly trend; gold prices ultimately fell 1.7% this week. Notably, this marks the fourth consecutive week of decline for gold, setting the record for the longest weekly losing streak since 2023. Louis Navellier of Navellier and Associates mentioned in a report, "Precious metals have received buying support." Nevertheless, the decisive factor for gold's long-term performance remains the situation in Iran and the duration of disruption caused by the conflict. Meanwhile, silver prices rose 2.8% today, reaching $69.545 per ounce. Silver posted a weekly gain of 0.3%.