Gold settles higher, posts weekly loss

Gold on track for a weekly decline amid inflation concerns and continued monetary tightening.

Gold and silver prices rose at close on Friday but ended the week lower, as inflation concerns and ongoing uncertainty surrounding the Middle East conflict continued to weigh on sentiment.

June gold futures gained 0.36%, or $16.90, to $4,740.90 per ounce, but posted a weekly loss of 2.84%.

April silver futures rose 1.22%, or 91.8 cents, to $76.38 per ounce, though the metal recorded a steeper weekly loss of 6.55%.

The gains in precious metals during the session followed the US Department of Justice’s decision to drop a criminal investigation into Federal Reserve Chair Jerome Powell, clearing the way for Congress to confirm nominee Kevin Warsh as a potential successor.

Support also came from rising hopes of a geopolitical breakthrough after Iran said Foreign Minister Abbas Araghchi would visit Pakistan over the weekend for talks with the US.