Gold holds steady, eyes fourth weekly gain on US-Iran peace deal hopes

Gold held largely steady on Friday ​and was on track for a fourth straight weekly gain, as hopes ‌for a US-Iran peace deal eased fears of higher inflation and elevated interest rates. Spot gold was unchanged at 4,789.67 per ounce, as of 0229 GMT, but up 0.9% for the week. U.S. gold futures ​for June were steady at $4,809.30. A 10-day ceasefire between Lebanon and Israel went into effect ​on Thursday and US President Donald Trump said the next meeting between ⁠the United States and Iran may take place over the weekend. “Investors are now watching closely ​for concrete progress in US-Iran negotiations. Any progress or extension of the current fragile ceasefire ​could further calm oil markets and inflation fears, potentially unlocking more upside for gold,” said Tim Waterer, chief market analyst at KCM Trade.