Gold Gains as Oil Pulls Back Amid Middle East Tensions

Gold prices rebounded on Friday, climbing 0.2% to $4,055.38 per ounce by 0925 GMT, after plummeting 2% to $4,047.26 on Thursday.

The upward trend was driven by a decline in oil prices, which retreated below the $100 per barrel mark, easing concerns about energy-driven inflation and interest rates.

UBS analyst Giovanni Staunovo noted that lower oil prices have reduced pressure on the Fed to adjust its rates, making gold more attractive.

He predicted that the Fed will remain on hold next week, which should be price-supportive for gold in the coming months.