Gold Prices Rise as Oil Declines Amid U.S.-Iran Diplomacy Hopes

Gold prices rose by 0.38% on Friday, reaching $4,289.70 an ounce, as oil prices declined due to renewed U.S.-Iran diplomacy hopes.

The rise in gold was limited by firm Fed rate-hike expectations and rising Treasury yields, which capped bullion's rebound.

North American equities finished higher on the day, with the S&P 500 rising 0.5% to 7,743.41, as lower oil prices eased part of the pressure from the week's yield shock.

The unresolved shipping and supply risk in the Strait of Hormuz and U.S.-Iran situation continues to weigh on the market, keeping a defensive bid under bullion.