Gold heads for recording its first weekly loss in 6 weeks

There was no significant change in gold today, Friday, before a basic report on inflation in the United States, but it is on track to record its first weekly loss in 6 weeks in light of the decline in fears of escalating conflict in the Middle East.

According to Reuters, gold in spot transactions increased 0.1% to $2,334.57 per ounce by 04:09 GMT. US gold futures also rose 0.2% to $2,346.70 per ounce.

It has fallen 2.3% since the beginning of the week and is on its way to recording the largest weekly decline since early December after avoiding a greater escalation in the Middle East. Prices fell by about $100 from the highest level ever reached on April 12, recording $2,431.29.