Gold prices rose on Friday as investors sought safe-haven assets amid escalating Middle East tensions. Gold futures for April delivery climbed 0.91% to ,125.1 per ounce, while spot gold increased 0.73% to ,119.48. However, the metal remains down by around 3% for the week, ending a multi-month streak of weekly gains. Other precious metals like platinum and palladium also saw gains, with spot platinum up 1.41% and palladium rising 1.57%. Silver futures and spot prices rose sharply by 2.87% and 2.3%, respectively. The US Dollar Index fell 0.24% but remains on track for a weekly gain of over 1%. The mixed performance highlights the tug-of-war between geopolitical risks and the strengthening US dollar. While gold typically benefits from dollar weakness, the broader trend of a resilient US economy—evidenced by the upcoming nonfarm payrolls report—could pressure the metal. Traders are closely watching the February jobs data, with expectations of 60,000 new jobs, which might influence the Federal Reserve’s rate decisions and gold’s direction. A weaker dollar could boost gold further, but strong employment data might reinforce the dollar and curb gains. For Gulf investors, the regional geopolitical climate remains a critical factor. Rising tensions in the Middle East could drive continued safe-haven demand for gold. However, the dollar’s strength against other currencies may limit gold’s upside. Key levels to watch include ,100 for gold and for silver. The upcoming nonfarm payrolls report on Friday will be pivotal in determining short-term price movements.
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