Gold prices rose Friday, bouncing after losses in the previous session, with focus turning to rising tensions in the Middle East and upcoming U.S. inflation data for more cues.
At 04:25 ET (09:25 GMT), Spot gold rose 1.1% to $4,977.33 an ounce and gold futures for April rose 1% to $4,996.35/oz.
Spot prices tumbled over 3% in the prior session.
Spot silver rose 4% to $78.703/oz, after wiping out some 10% in the prior session, while spot platinum rose 0.6% to $2,034.65/oz, climbing back above $2,000/oz after logging deep losses in the prior session.
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Safe haven demand helps bullion
Bullion has benefited from some safe haven demand on Friday after a host of reports said Washington planned to deploy a second aircraft carrier -- the USS Gerald R. Ford -- in the Middle East, as nuclear talks with Iran faltered.
Uncertainty over future U.S. interest rate cuts was a major weight on metal prices, especially after payrolls data showed some signs of resilience in the labor market in January. The dollar came off its weekly lows following Wednesday’s nonfarm payrolls print.
US CPI data awaited for more cues
The focus is now squarely on U.S. consumer price index inflation data for January, due later on Friday, for more cues on the world’s largest economy.
