Gold 
Platinum 
Jaiveer Shekhawat
“Gold prices inched higher on Friday, keeping the yellow metal on track for a weekly gain, after Brent crude slipped from above $100 a barrel, as investors monitored Middle East tensions and evaluated their inflationary implications before the Federal Reserve’s policy meeting next week.
At 10:06 ET (14:06 GMT), spot gold had risen by 0.4% to $4,063.78 an ounce, with bullion now on pace for a weekly climb of more than 1%. Meanwhile, gold futures gained 0.4% to $4,063.50 an ounce.
The U.S. military said it had concluded a 13th straight wave of strikes at Iranian targets early on Friday, as hostilities between Washington and Tehran showed little sign of relenting.
American forces hit Iranian military assets, including drone storage sites and coastal surveillance posts, with the aim of denting Tehran’s ability to launch strikes at commercial vessels in the Strait of Hormuz, one of the world’s most important oil shipping chokepoints.
Meanwhile, Iran has rejected a U.S.-backed ceasefire proposal delivered by Iraqi Prime Minister Ali al-Zaidi, The New York Times reported on Thursday, citing Iranian and Iraqi officials. According to the report, Tehran said it was unwilling to accept a temporary deal that left unresolved the issue of control over the Strait of Hormuz. The proposal was said to be the only ceasefire offer currently under consideration.
U.S. President Donald Trump warned this week of “major military punishment” on Iran and the Houthis, after the Yemeni group said it had attacked two Saudi oil tankers in the Red Sea, possibly opening a new front in the fighting. Faced with the prospect of crude supply disruptions in both the Strait of Hormuz and Bab el-Mandeb Strait, another key waterway near Yemen, oil prices have jumped, with Brent oil even briefly reaching $100 a barrel for the first time since May.
Worries have abounded that a spike in oil prices will lead to a burst of inflation and, in turn, central bank interest rate hikes. Such a trend could bode poorly for gold, a non-yielding asset which tends to underperform in elevated borrowing cost environments.
Markets are pricing in about a 29% probability of a quarter-point interest rate increase at next week’s Federal Reserve meeting, according to CME FedWatch. Nomura analysts said they expect the Fed to leave rates unchanged, with Chair Kevin Warsh — who has said he will offer less of a roadmap on monetary policy to investors — unlikely to provide meaningful forward guidance.
At the same time, the U.S. dollar has strengthened versus pre-conflict levels, as investors view the greenback as a relative safe haven. A firmer dollar may dent gold’s appeal by making it more expensive for overseas buyers.
Oil prices fell on Friday, but were still set for a sharp weekly increase. The dollar index, a tracker of the currency against a basket of its peers, edged down as well, yet remained well above levels before the outbreak of the war in late February.”
