Gold prices gained on Friday and were set for a weekly advance, as investors shunned risky assets and moved into safe haven areas such as bullion and the dollar. Uncertainty over peace talks between the U.S. and Iran and escalating fighting have battered sentiment.

Spot gold added 2.6% to settle at $4,492.74/oz. Gold Futures advanced 2.5% to settle at $4,520.40/oz.

Oil prices rose on Friday and notched weekly gains, reflecting scepticism about prospects for a ceasefire in the month-old Iran war.

Brent crude futures rose by $4.56, or 4.2%, to $112.57 a barrel. U.S. West Texas Intermediate futures rose $5.16, or 5.5%, to settle at $99.64.

The Brent benchmark has jumped 53% since February 27, the day before the U.S. and Israel launched strikes against Iran, while WTI has gained 45% since then. On a weekly basis, Brent gained about 0.3%, while WTI gained over 1%.

The U.S. dollar ticked higher on Wednesday, reversing course from earlier losses, as Middle East de-escalation hopes were tempered slightly after Iran rejected a proposed U.S. ceasefire.

At 17:45 ET (21:45 GMT), the US Dollar Index, which tracks the greenback against a basket of six currency peers, added 0.2% to 99.62.

Gold has surrendered all of its 2026 gains since the U.S.-Iran conflict began, but Barclays says the pullback has created an appealing entry point and that the metal’s structural supports remain firmly in place.

"Gold has had a very strong 3y run. But it has given back all of its 2026 gains since the war started," driven in part by shifting rate expectations and some central bank selling to defend currencies, analyst Ajay Rajadhyaksha said in a note

"This makes for, we think, a reasonable entry point," he added.