Gold steadies, heads for third straight weekly gain

Gold prices were little changed on Friday, yet the metal was set for a third consecutive weekly rise, Business Recorder reported. Spot gold was priced at $4,514.23 an ounce at 0031 GMT, after reaching a peak not seen since early June the day before. The metal has gained 3.2% over the week.

A weaker dollar, which was set for a weekly decline, and Treasury efforts to restrain longer-term yields have lent support to bullion. Treasury Secretary Scott Bessent said on Thursday that Washington may step up its Treasury purchases, after the department announced plans to double buybacks of longer-dated securities over the next quarter, with each operation worth at least $4 billion.

Jobless claims fell last week, pointing to a steady labour market despite an unexpected July drop in jobs, which keeps the Fed focused on inflation. Traders put 64% odds on unchanged rates in September and 36% on a hike, according to CME FedWatch data. Bessent also said Washington will impose sanctions on Iran that he called the most severe in history, a move he suggested could reduce the need for large-scale military action. Silver held flat at $68.03 an ounce, platinum gained 1.1% to $1,846.29 and palladium was unchanged at $1,333.11, with all three metals on course for weekly gains.