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Gold price (XAU/USD) recovers its recent losses from the previous session on Friday. The yellow metal advances as the broader precious metals market rebounds on safe-haven demand. However, the yellow metal is on track for its first weekly decline in five weeks as escalating Middle East tensions push oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve rate cuts. The dollar-denominated Gold faces challenges as the US Dollar (USD) strengthens, as Federal Reserve (Fed) officials continue to consider the possibility of further rate hikes if inflation remains above target. It is worth noting that a weaker US Dollar makes the precious metal cheaper for buyers with foreign currencies, boosting demand. The US-Israeli conflict with Iran entered its seventh day, with Iran launching missiles and drones across the Gulf on Thursday, striking an oil refinery in Bahrain, while Israel continued airstrikes on Tehran, and the US suspended operations at its embassy in Kuwait. US President Donald Trump said that Iranian officials reached out to him in an attempt to reach an agreement to end the war, but he insisted it was too late and that the US is pushing to destroy Iran. Iranian Foreign Minister Abbas Araghchi said Tehran has not sought a ceasefire and has no intention of negotiating, while Iran’s Islamic Revolutionary Guard Corps warned that retaliatory strikes would intensify in the coming days. Traders await US labor data, including US Nonfarm Payrolls (NFP), where consensus expectations are around 59K for February, following January’s above-trend reading of 130K. Additionally, Retail Sales are expected to fall 0.3% month-over-month in January, after a flat reading in the previous month. The US is also set to introduce a temporary 15% global tariff this week, replacing the 10% rate enacted after the Supreme Court of the United States struck down…

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Filed under: News - @ March 6, 2026 4:23 am