Khaberni - Gold prices stabilized on Friday but are heading for a weekly decline, as the rise in oil prices has exacerbated concerns about inflation and casts shadows of doubt on interest rate expectations.
Gold saw no change in spot transactions at $4622.41 per ounce by 00:46 GMT after rising more than 2% in the previous session. The precious metal is on track to post a weekly loss of 1.8%.
U.S. futures contracts for gold delivery in June climbed 0.1% to $4635.10.
Iran said on Thursday that it would respond with "painful and prolonged strikes" on American sites if Washington renewed its attacks and reiterated its stance on the Strait of Hormuz, complicating U.S. plans to form a coalition to reopen the waterway.
Prices for Brent crude jumped on Thursday to their highest level in four years at more than $126 per barrel before retreating.
The European Central Bank and the Bank of England kept interest rates unchanged on Thursday as expected, following decisions to maintain interest rates made by the Federal Reserve (the U.S. central bank) and the Bank of Japan earlier in the week.
In other precious metals, silver in spot transactions rose 0.8% to $74.34 per ounce, platinum climbed 0.1% to $1987.55, and palladium increased 0.3% to $1528.39.
