Gold prices edge up in global market

Gold prices rose slightly in the global market on Friday. However, after five consecutive weeks of gains, the precious metal is heading for its first weekly decline. Ongoing tensions surrounding Iran in the Middle East and concerns over global inflation are putting pressure on the market, Reuters reported.

In the spot market, gold prices increased by 0.3 percent to $4,704.63 per ounce. During the session, prices also touched their lowest level since April 13. So far this week, gold prices have fallen by about 2.5 percent.

Meanwhile, in the United States, gold futures for June delivery were down 0.1 percent, trading at $4,721.10 per ounce.

Analysts say that geopolitical uncertainty in the Middle East and inflationary pressures have kept investors cautious, which is affecting the gold market.