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Gold prices were largely unchanged on Friday but remained headed for a weekly loss of more than 3% as rising U.S. Treasury yields and elevated energy prices strengthened expectations that the Federal Reserve could raise interest rates again.
XAU/USD traded near $4,274.89 an ounce at 03:41 GMT, while U.S. gold futures gained 0.3% to $4,309.72. Silver slipped 0.1% to $63.79 an ounce, and platinum declined 0.1% to $1,754.17. The U.S. Dollar Index edged 0.1% higher to 101.29.
Gold markets remained sensitive to developments in the Strait of Hormuz after oil prices surged on Thursday. The United States and Iran have yet to reach an agreement on reopening the strategically important waterway, keeping concerns over global energy supplies and inflation elevated.
Negotiators were reportedly considering a phased arrangement under which Tehran would reopen the Strait of Hormuz while Washington removes a port blockade. Continued uncertainty has supported oil prices, raising the risk that higher fuel costs could slow progress in bringing inflation down.
Those concerns are particularly important for gold after the Federal Reserve raised interest rates last week for the first time in three years. Persistent energy-driven inflation could increase pressure on policymakers to tighten monetary policy further.
Higher interest rates typically weigh on gold because the precious metal does not generate interest income. The pressure intensified as U.S. Treasury yields jumped on Thursday, with the 30-year yield approaching 5.5%, its highest level in more than two decades. A stronger U.S. dollar has also created headwinds for bullion.
Despite the challenging macroeconomic backdrop, investment demand for gold remains relatively resilient. ANZ analysts said there had been no significant liquidation of gold positions, suggesting the recent price decline has yet to trigger a broader investor retreat.
Gold’s near-term outlook is likely to remain closely linked to oil prices, Treasury yields, the U.S. dollar and Federal Reserve rate expectations. Further increases in energy costs and bond yields could keep pressure on bullion as markets reassess the path of U.S. monetary policy.
