Gold Heads for Weekly Drop as War in Iran Keeps Oil Prices High

Gold fell on Friday, putting it on pace for its second weekly decline as the war in the Middle East kept oil prices above $100 a barrel, underpinning global inflationary pressures.

Bullion dropped as much as 1.4%, retreating to levels near $5,000 an ounce while the dollar strengthened. Gold’s upward momentum has stalled since the US-Israeli war with Iran started nearly two weeks ago, with no resolution in sight. President Donald Trump has said the US stepped up strikes on Iran to unprecedented levels, suggesting there will be no letup in a war that’s upending energy flows and global markets.