Backed by the demand for safe havens due to the escalation of the war between Russia and Ukraine, gold prices headed for their best week in a year on Friday as investors assessed the prospects of reducing interest rates in the US ; United States

American gold futures gained 0.6% to $2,691.00. Spot gold rose 0.7% to $2,688.70 per ounce at 0306 GMT. The ingot rose by nearly 5% for the week so far, its best week since the start of October 2023. The appeal of gold is reinforced by geopolitical tensions, economic risks, and low interest rates. Nicholas Frappell, global head of institutional markets at ABC Refinery, indicated that gold's short-term move could be influenced by next week's key US data, such as preliminary GDP and core PCE, with prices expected to target $2690-2,715 based on next week's key US data, such as preliminary GDP and core PCE, with prices expected to target $2690-2,715 based on recent trends.

Spot silver rose 0.6% to $30.97 per ounce, platinum rose 0.6% to $966.14, and palladium rose 1.1% to $1,040.58. All three metals were on track for weekly increases.