Gold holds near $4,020 as silver sinks and UBS highlights $4,000 support

Spot gold prices showed minimal movement in early US trading on Friday, remaining close to levels seen after Thursday’s significant losses. Gold was quoted at $4,020 per ounce, slipping 0.1%. In contrast, silver experienced a sharper decline, trading at $54 per ounce with a drop of just over 1% for the day. Heightened tensions in the Middle East have pushed oil prices to new highs, amplifying worries about inflation and reinforcing expectations that the Federal Reserve will keep monetary policy tight. Brent crude briefly neared $115 per barrel, the highest in five months, while West Texas Intermediate surpassed $100. Gold, long regarded as a safe-haven asset, has struggled to attract sustainable defensive buying this week in spite of rising geopolitical risks and continued weakness across global equity markets.

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