Gold Rises on Risk-On, But Energy Inflation Holds Back
Gold prices gained modestly on Friday (April 24), helped by a weaker dollar after the US and Iran signaled they would resume a second round of talks in Pakistan. Spot gold rose 0.3% to US$4,710.57/oz, while gold futures settled at US$4,725.40/oz.
The main boost came from a weaker dollar as investors reduced safe-haven positions and shifted to riskier assets, making dollar-denominated gold more attractive to non-US buyers. Sentiment also improved after Iranian Foreign Minister Abbas Araghchi announced he was embarking on a series of visits to Islamabad, Muscat, and Moscow, although his statement emphasized bilateral coordination and regional consultations.
From the US side, the White House confirmed that special envoys Steve Witkoff and Jared Kushner would depart for Pakistan on Saturday morning for follow-up meetings. Karoline Leavitt stated that Iran requested the face-to-face talks and that Washington hoped the meetings would "move the ball" toward an agreement.
Despite daily gains, gold remains headed for weekly losses. Over the week, spot gold fell 2.5% and futures fell 3.2%, held back by a surge in oil prices that reignited concerns about an energy-driven inflation shock. Rising oil prices heighten the risk of "higher for longer" interest rates, or even rate hikes, a situation that typically weighs on non-yielding assets like gold. (Arl)*
Source: Newsmaker.id
