Gold on track for weekly gain; markets focus on US-Iran peace deal prospects

Gold edged higher on Friday and was headed for a weekly gain on easing fears of inflation and higher interest rates as ​investors remained optimistic about a U.S.-Iran peace deal despite renewed ‌fighting. Spot gold was up 0.3% at $4,700.80 per ounce, as of 0059 GMT. Bullion has gained 1.9% so far this week. US gold futures for June delivery were ​steady at $4,709.90. The United States and Iran exchanged fire on ​Thursday in the most serious test yet of their month-long ceasefire, ⁠but Iran said the situation returned to normal while the U. said ​it did not want to escalate.