Gold heads for best weekly gains since January last year .. Ounce rises above $4,300

Gold prices rose today (Friday), on track to post their largest weekly gain since last January, supported by falling oil prices, as investors await U.S. non-farm payroll data for clues about interest rate expectations.

Spot gold prices rose above $4,300 per ounce, after hitting a seven-week high on Thursday, with prices up more than 5% since the start of the week.

The gains in gold came amid renewed concerns over security conditions in the Strait of Hormuz, after Iranian media reported that Tehran targeted what it described as “hostile targets” in the strait, coinciding with its announcement of plans to block U.S. and Israeli ships from transiting this strategic waterway. These developments follow statements by Iranian officials indicating that ongoing negotiations with the Sultanate of Oman to reopen shipping lanes are nearing their final stages, although recent on-the-ground developments have reignited concerns about the security of navigation and global energy supplies.

Meanwhile, spot silver prices rose 5% to $64.56 per ounce.

Separately, UBS said it expects gold prices to reach $5,000 per ounce in the first half of 2027.

It added: “Although conditions in the near term may remain volatile, medium- to long-term gold outlooks remain supported by several durable tailwinds.”