Gold pushed above $4,500 an ounce and is on track for a third straight weekly gain, as safe-haven demand from currency and bond market turmoil combines with persistent Iran-driven oil-price risk.
Gold traded above $4,500 an ounce on Friday, extending a rally that has now delivered gains for three consecutive weeks. The move builds on a run that started earlier in the month, when the metal was already trading above $4,400 as tensions between the US and Iran showed no sign of a near-term resolution.
The latest leg higher has been reinforced by volatility spilling out of the currency and bond markets, following this week’s dollar slide tied to the US Treasury’s expanded bond buyback program. With yields and the dollar both whipsawing, investors have leaned further into gold as a store of value largely insulated from those swings.
Oil prices have added a second layer of support, with the ongoing US-Iran standoff continuing to weigh on hopes for a quick reopening of the Strait of Hormuz. Elevated energy prices keep inflation risk in the picture, which in turn reinforces gold’s traditional appeal as a hedge — a dynamic that has helped the metal hold its gains even as broader market sentiment has fluctuated day to day.
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