Futures
Access hundreds of perpetual contracts
CFD
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Pre-IPOs
Unlock full access to global stock IPOs
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
Promotions
AI
Gate AI
Your all-in-one conversational AI partner
Gate AI Bot
Use Gate AI directly in your social App
GateClaw
Gate Blue Lobster, ready to go
Gate for AI Agent
AI infrastructure, Gate MCP, Skills, and CLI
Gate Skills Hub
10K+ Skills
From office tasks to trading, the all-in-one skill hub makes AI even more useful.
GateRouter
Smartly choose from 40+ AI models, with 0% extra fees
Gold heads for weekly loss as high oil prices feed inflation worries
In this article
Follow your favorite stocksCREATE FREE ACCOUNT
Gold prices edged higher on Thursday, buoyed by a softer dollar and safe-haven demand fueled by uncertainty surrounding U.S. tariff policy and U.S.-Iran talks.
Frame Studio | Moment | Getty Images
Gold prices fell more than 1% on Friday and were headed for a similar-sized weekly loss, as elevated oil prices continued to fan inflation concerns that would discourage central banks from cutting interest rates.
Spot gold was down 1.1% at $4,568.82 per ounce, and on track for a weekly loss of 1.2%. U.S. gold futures for June delivery fell 1.1% to $4,579.70.
“Gold remains negatively correlated to oil in the short term, as it impacts interest rate expectations,” said UBS analyst Giovanni Staunovo. Iran said on Thursday it would respond with “long and painful strikes” on U.S. positions if Washington renewed attacks, reiterating its claim to the Strait of Hormuz.
Brent crude prices have touched double the levels seen at the start of the year, raising concerns about a global economic slowdown and higher inflation as fuel prices surge. U.S. inflation accelerated in March as the war raised gasoline prices, reinforcing expectations that the Federal Reserve could keep interest rates on hold well into next year. The European Central Bank and the Bank of England left interest rates unchanged on Thursday, following similar decisions this week by the Fed and the Bank of Japan.
Gold, traditionally seen as a hedge against geopolitical uncertainty and inflation, can come under pressure in a high interest rate environment as it loses its appeal to yield-bearing assets like U.S. Treasuries.
However, Staunovo said UBS retained a constructive outlook over the next six to 12 months. “Uncertainty surrounding upcoming (U.S.) midterm elections, expectations of a weaker U.S. dollar over time, and declining real interest rates (as the Fed cuts) will likely support investment demand alongside continued central bank demand.”
He added that these factors could drive prices towards $5,900/oz by late 2026.
Spot silver prices fell 0.6% to $73.27 per ounce, platinum was down 1.3% at $1,960.30, and palladium lost 0.6% to $1,515.37.
Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.