Gold settles higher, posts weekly loss

Gold bars

Gold and silver prices rose at close on Friday, aided by hopes of a de-escalation in tensions with Iran after Tehran submitted a new negotiation proposal to the United States, easing inflation concerns. However, both metals posted losses for a second consecutive week.

Gold futures for June delivery rose 0.32%, or $14.90, to $4,644.50 per ounce, trimming weekly losses to 2%.

Silver futures for July delivery jumped 3.24%, or $2.403, to $76.431 per ounce, though they declined 0.66% over the week.

Gains in precious metals were driven by improved geopolitical sentiment, particularly alongside a weaker dollar, which made dollar-denominated bullion more affordable for holders of other currencies.