Gold rebounds at close, posts fourth weekly loss

Gold bars

Gold prices closed higher on Friday as investors bought recent dips, though the metal still posted a fourth consecutive weekly decline.

Gold futures climbed 2.65%, or $116.20, to $4,492.50 per ounce, but were down 1.8% on the week.

Silver futures for March delivery rose 2.77%, or $1.874, to $69.545 per ounce, marking a 0.27% weekly gain.

Oil held above $110 per barrel despite US President Donald Trump extending Iran’s deadline to reopen the Strait of Hormuz, after Tehran rejected a US proposal to end the conflict.

The war, now in its fourth week, has driven global price pressures across energy and fertilizers, fueling fears of runaway inflation and reinforcing expectations of further Federal Reserve rate hikes—typically a headwind for non-yielding assets like gold.