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Gold edges higher despite decline
Gold prices experienced a slight decline on Friday, despite continuing their corrective trend after two weeks of losses, supported by fears of escalation in the Middle East and geopolitical tensions following Houthi attacks on two Saudi oil tankers in the Red Sea. The price of gold fell by 0.2%, reaching around $4,043 per ounce, but it recorded its first weekly gain in three weeks, increasing by 0.8%. The tension coincided with statements from U.S. President Trump, who warned of Iran's responsibility for the attacks, amid Iran's rejection of a U.S.-backed ceasefire initiative, increasing the risk of escalation. Analyses anticipate that the Federal Reserve will maintain its stance on raising interest rates, with ongoing effects from rising Treasury yields and a strong dollar continuing to pressure gold prices. However, gold still shows signs of forming a support base above its June lows, with the potential to rise to higher levels if supportive factors persist.
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