Gold rises 1% as Middle East conflict spurs safe-haven demand

Gold prices rose on Friday, rebounding from a more than 1% drop in the previous session, after investors sought the safe-haven metal as uncertainty grew over a widening Middle East conflict. Spot gold was up 1% at $5,124.73 per ounce, as of 0255 GMT. The metal has lost roughly 3% so far this week, set to snap a four-week winning streak, as fading rate-cut prospects and higher energy prices stoked inflation concerns. US gold futures for April delivery were up 1.1% at $5,131. The dollar weakened, making greenback-priced bullion less expensive for holders of other currencies.