Gold prices settle lower, record weekly gain

Gold bars

Gold prices fell at Friday’s close but posted weekly gains, as investors assessed the outlook for a US-Iran truce and its potential impact on interest rate paths.

June gold futures dropped 0.63%, or $30.60, to $4,787.40 an ounce, trimming weekly gains to 2.31%.

Silver futures for April were little changed at $76.324 an ounce, holding weekly gains of 4.93%.

This marks a second straight week of gains for gold and a third for silver, following recent volatility in precious metals driven by developments in the Middle East conflict.

Gains earlier in the week were supported by a temporary ceasefire between the US and Iran. However, gold came under pressure in the latest session after official data showed US consumer inflation accelerated in March to its highest level since May 2024.