Singapore, March 06 (QNA) – 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.
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. (QNA)