Market Overview
Gold prices were largely unchanged on Friday, with spot gold quoted at $4,125.03 per ounce and gold futures at $4,135.67 per ounce, a 0.1% decline from the previous session. The metal is down roughly 1.6% for the week.
Precious Metals Performance
Spot silver increased 0.5% to $60.2550 per ounce on the day but remains 4.1% lower on a weekly basis. Spot platinum rose 1.2% to $1,636.14 per ounce, yet it is down 0.4% for the week.
Drivers of Market Sentiment
The muted gold movement follows a flare‑up in U.S.–Iran military actions. President Donald Trump announced the end of a cease‑fire with Iran and ordered additional strikes, prompting retaliatory measures from Tehran. The heightened tension pushed oil prices higher, with crude benchmarks (LCO and CL) each gaining about 0.39%, fueling concerns about energy‑driven inflation.
Rate Expectations
Rising inflation expectations have led markets to increase bets on a Federal Reserve rate hike in 2026, as reflected in CME FedWatch data. Higher interest rates raise the opportunity cost of holding non‑yielding assets such as gold, contributing to the metal’s weekly decline.
Currency Context
The U.S. dollar index steadied after previous losses, edging down 0.20% on the day, which provided limited support for gold.
Source Details
The article, authored by Ambar Warrick, was published by Reuters on 10‑07‑2026 at 08:02 am under the Commodities section.