<p>Gold was headed for a third straight monthly loss as the US-Israeli war on Iran kept concerns around inflation and US rate hikes elevated.</p><p>Spot gold rose 0.5 per cent to $4,514.19 per ounce by 0610 GMT on Friday as investors assessed reports on reports of an extension to the US-Iran ceasefire extension. It had fallen to a two-month low of $4,365.76 on Thursday, but closed higher.</p><p>The bullion is on track to lose 2.4 per cent for the month and about 15 per cent over three months.</p>.Fuel, fertiliser & gold imports creating challenges externally: FM Nirmala Sitharaman.<p>US gold futures for August delivery inched 0.3 per cent higher to $4,544.80.</p><p>"Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market continues to be this morning," said GoldSilver Central Managing Director Brian Lan.</p><p>"Markets are now waiting for the deal to be signed even if it's only just pending Trump's signature."</p><p>The United States and Iran reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.</p><p>Oil futures fell more than 1 per cent on Friday and were on track for their steepest weekly decline since early April, easing some concerns around inflation driven by higher energy prices due to the Iran war.</p><p>U.S. inflation increased at its fastest pace in three years in April, cementing economists' views that the Federal Reserve would hold interest rates unchanged well into next year.</p><p>While gold is considered a hedge against inflation, the non-yielding asset tends to come under pressure in a high-interest-rate environment.</p><p>Spot silver fell 0.1 per cent to $75.55 per ounce and palladium gained 0.6 per cent to $1,375.25, with both metals headed for a weekly gain. Platinum lost 0.4 per cent to $1,915.30 and was on course for a weekly loss.</p>
<p>Gold was headed for a third straight monthly loss as the US-Israeli war on Iran kept concerns around inflation and US rate hikes elevated.</p><p>Spot gold rose 0.5 per cent to $4,514.19 per ounce by 0610 GMT on Friday as investors assessed reports on reports of an extension to the US-Iran ceasefire extension. It had fallen to a two-month low of $4,365.76 on Thursday, but closed higher.</p><p>The bullion is on track to lose 2.4 per cent for the month and about 15 per cent over three months.</p>.Fuel, fertiliser & gold imports creating challenges externally: FM Nirmala Sitharaman.<p>US gold futures for August delivery inched 0.3 per cent higher to $4,544.80.</p><p>"Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market continues to be this morning," said GoldSilver Central Managing Director Brian Lan.</p><p>"Markets are now waiting for the deal to be signed even if it's only just pending Trump's signature."</p><p>The United States and Iran reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.</p><p>Oil futures fell more than 1 per cent on Friday and were on track for their steepest weekly decline since early April, easing some concerns around inflation driven by higher energy prices due to the Iran war.</p><p>U.S. inflation increased at its fastest pace in three years in April, cementing economists' views that the Federal Reserve would hold interest rates unchanged well into next year.</p><p>While gold is considered a hedge against inflation, the non-yielding asset tends to come under pressure in a high-interest-rate environment.</p><p>Spot silver fell 0.1 per cent to $75.55 per ounce and palladium gained 0.6 per cent to $1,375.25, with both metals headed for a weekly gain. Platinum lost 0.4 per cent to $1,915.30 and was on course for a weekly loss.</p>