Gold Prices Soar Amid Falling Oil, Trump's Iran Comments

Gold prices are on track for their strongest weekly gain since January, supported by falling oil prices and comments from U.S. President Donald Trump that the conflict involving Iran will end 'very soon'.

The precious metal was little changed on Friday at $4,235.57 per ounce, but has posted a 4.8% gain for the week.

Lower energy prices have eased inflation concerns and reduced expectations of prolonged elevated interest rates, making gold more attractive as a hedge against inflation.

Investors are now focused on the U.S. Labor Department's July employment report, scheduled for release at 12:30 GMT, which could provide clues about the outlook for interest rates.