Gold closes near $4,600, posts weekly gain

Gold Bars

Gold futures ended Friday higher after the US president disclosed additional details regarding a potential agreement with Iran aimed at ending the conflict in the Middle East, although the precious metal still posted a monthly loss.

Gold benefited from lower oil prices during the session after Donald Trump outlined a possible agreement with Iran, stating that it could include the reopening of the Strait of Hormuz and the destruction of Iran’s enriched uranium stockpile.

Gold futures briefly touched $4,627 per ounce during trading. However, the metal still recorded a monthly loss of approximately 1.5%, despite posting a weekly gain of 1%.

Silver, meanwhile, rose 2.8% in May after declining in March and April. Nevertheless, it registered a weekly loss of 0.4%, marking its third consecutive week of declines.