Gold set for fifth weekly gain as geopolitical risks buoy demand
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Gold prices rose on Friday, on track for their fifth weekly gain, with investors gravitating towards safe-haven assets as political uncertainty in the Middle East overshadowed pressures from the prospect of higher-for-longer US interest rates. Spot gold was up 0.4% at $2,388.49 per ounce, as of 0111 GMT. US gold futures edged 0.2% higher to $2,403.30 per ounce. Bullion rose 3% so far this week. The US announced new sanctions on Iran, targeting its unmanned aerial vehicle production after its attack on Israel. Federal Reserve policymakers have rallied around the idea of holding borrowing costs where they are until probably far into the year, given slow and lumpy progress on inflation and a still-strong US economy.

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