Gold rises on safe-haven demand, poised for weekly gain

Gold bars

Gold prices rose on Friday, heading for their second weekly gain on strong demand for safe havens and amid rising geopolitical tensions in the Middle East.

Gold futures for August delivery rose 0.33% to $2,376.80 per ounce at 9:11 am Makkah time, with a weekly gain of 1%.

Gold spot prices edged up 0.15% to $2,363.72 per ounce.

Silver futures for July delivery declined 0.54% to $30.65. Meanwhile, platinum spot prices increased 0.24% to $986.66.

“In the short-term perspective, the current movement driver of this bullish going gold is primarily driven by rising geopolitical tensions, especially after the news on the attack on Gaza,” said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

“The market is now looking for what is the possibility of another rate cut after September which could be supportive of gold, keeping it above that $2,300 level,” added Wong.