Spot gold prices climbed back above $4,700 per ounce on Friday.
The precious metal fell over 2% this week. This performance marks the first weekly decline after five consecutive weeks of gains.
Persistent inflation concerns and geopolitical uncertainty drove the weekly decline. US-Iran tensions and the closure of the Strait of Hormuz continue to fuel Middle East market volatility.
Cautious optimism regarding potential peace negotiations sparked the Friday recovery. Rising energy prices and stalled diplomatic progress continue to impact the non-yielding asset.