Overview
- Spot gold climbed back into the mid‑$4,500s per ounce following Thursday's suspected yen‑buying that knocked the dollar lower and made bullion cheaper for overseas buyers.
- Traders scaled back 2026 rate‑cut bets after a Fed meeting where three policymakers opposed an easing bias and Jerome Powell said he would step down as chair while staying on the board.
- Oil jumped to multi‑year highs after reports of fresh U.S. military options on Iran, as President Trump kept a naval blockade and Iran's leader said Tehran would control the Strait of Hormuz.
- Bloomberg reported Friday that Iran sent a proposal to the U.S. through Pakistan, which eased oil and gave gold a brief lift, though trading stayed choppy.
- Despite short‑term swings, World Gold Council data show central banks boosted gold reserves in Q1 at the fastest pace in over a year, and analysts say Chinese buying has helped support prices.