Comex Gold Price Edges Up Amid Broader Weekly Decline, Silver Holds at $73

Gold and Silver Prices Report

Key Figures:

• $4,657.50: Spot gold price per ounce
• $4,657.90: US gold futures price for April delivery per ounce
• 7%: Gold price decline so far this week
• $73: Spot silver price per ounce
• $1,972.80: Spot platinum price
• $1,452.21: Palladium price

Market Analysis

Read also: Gold and Silver Prices Decline Amid Strengthening Dollar and Inflation Concerns

Gold prices traded higher on Friday, but were headed for a third consecutive weekly decline due to a firm dollar and a hawkish US Federal Reserve. The spot gold price rose 0.2% to $4,657.50 per ounce, while US gold futures for April delivery rose 1.1% to $4,657.90 per ounce.

The Strait of Hormuz remains closed amid the escalating US-Iran war in the Middle East, keeping crude oil prices elevated and adding to inflationary pressures. However, while rising inflation typically boosts gold's appeal as a hedge, high interest rates curb demand for the non-yielding asset.

Commodity Prices

• Spot silver price gained 0.1% to $73 per ounce
• Spot platinum prices rose 0.1% to $1,972.80
• Palladium price gained 0.4% to $1,452.21

Read also: Gold and Silver Prices in India: A Review of Current Rates Across Major Cities