Khaberni - Gold prices largely stabilized on Friday and are heading for gains for the fourth consecutive week, as hopes of reaching a peace agreement between the United States and Iran eased fears about rising inflation and raising U.S. interest rates.
Gold in spot transactions increased by 0.1% to 4794.47 dollars an ounce and the precious metal rose up to 1% since the beginning of the week until now.
U.S. futures contracts for gold for June delivery increased by 0.2% to 4816.40 dollars.
A ten-day ceasefire between Lebanon and Israel went into effect hours ago. U.S. President Donald Trump said a new meeting between the United States and Iran could be held at the beginning of the week, increasing optimism that the war with Iran could be about to end.
Gold prices have fallen by more than 8% since the start of the war with Iran in late February amid concerns that rising energy prices could worsen inflation and keep global interest rates high.
For other precious metals, silver in spot transactions rose 0.5% to 78.76 dollars an ounce, platinum increased by 0.3% to 2091.45 dollars, and palladium went up by 0.3% to 1555 dollars.
