Amman – Gold prices rose today, Friday, heading towards achieving weekly gains, supported by a buying wave, a slight weakness in the dollar, and continued concerns about the talks between the United States and Iran in Oman, while silver recovered from its lowest level in a month and a half.

Gold rose in spot transactions 3.1 percent to $4,916.98 per ounce, recovering the losses recorded during a volatile trading session in Asia that followed a 3.9 percent decline yesterday, Thursday. Gold is heading towards achieving weekly gains of about 1.3 percent.

US gold futures for April delivery rose 1 percent to $4,939.70 an ounce.

The dollar index fell 0.3 percent, making the gold in which it is denominated cheaper for foreign buyers.

“The gold market is witnessing profitable buying by optimistic traders,” said Jim Wyckoff, chief analyst at Kitco Metals.

Iran and the United States began high-stakes negotiations, mediated by Oman, on Friday in an attempt to overcome sharp differences regarding Tehran’s nuclear program.

Wyckoff added that gold’s recovery lacks momentum, and the metal is unlikely to break records without a major geopolitical catalyst.

Gold prices, a traditional safe haven asset, rise in times of geopolitical and economic uncertainty.

Reuters