Gold Heads for First Weekly Gain Since Middle East War Began

Group 1 - Gold has staged a recovery, rising as much as 4.1% to over $4,550 an ounce, marking its first weekly gain since the onset of the US-Israeli war in Iran, driven by bargain-buying after recent price declines [1] - Despite Friday's gains, bearish pressures persist for gold due to escalating conflict and doubts over a potential ceasefire, with the US and Israel targeting Iranian facilities [2] - Since the war began on February 28, gold has fallen nearly 15%, exhibiting a correlation with stocks and an inverse relationship with oil prices, indicating that bullion is being treated as a risk asset [3] Group 2 - Turkey's central bank has sold and swapped approximately 60 tons of gold, valued at over $8 billion, which could signal a trend among other monetary institutions and potentially slow the pace of gold purchases [4] - The economic impact of the war in Iran is expected to reduce demand for gold from some central banks, while others may be forced to sell gold reserves to meet dollar-denominated obligations [5] - The Strait of Hormuz remains largely closed to traffic, affecting the shipment of oil, gas, and other materials, which could further influence gold prices [6]