Ankara: Gold prices rebounded on Friday after falling more than 1% in the previous session, as investors turned to the precious metal as a safe haven amid growing uncertainty over the widening conflict in the Middle East. Spot gold rose to $5,117.27 per ounce, though it remains on track for a weekly decline of nearly 3% following four consecutive weeks of gains, pressured by fading expectations of interest rate cuts and inflation concerns linked to rising global energy prices.
According to Qatar News Agency, U.S. gold futures for April delivery climbed 1% to $5,126.70. The U.S. dollar weakened, making dollar-denominated gold cheaper for holders of other currencies, as investors awaited the release of the U.S. February jobs report later in the day.
Gold, widely viewed as a safe-haven asset, has surged about 18% since the start of the year, reaching repeated record highs amid growing geopolitical and economic uncertainty. Among other precious metals, spot silver rose 1% to $84.12 per ounce, platinum gained 1.4% to $2,150.70, and palladium advanced 2% to $1,662.72.