Gold prices jumped back above $4,500 an ounce in New York on Friday, putting the metal on course for its first weekly gain since the Iran war erupted in late February, even as a surprise 60‑tonne sell‑off by Turkey's central bank jolted bullion markets.
The news came after a brutal few weeks for gold, which had been sliding almost in lockstep with equities since the US‑Israeli military campaign in Iran began on 28 February. Instead of behaving like the traditional haven investors reach for in crises, Mining.com reported that bullion has been trading more like a high‑beta risk asset, knocked around by surging oil prices and resurgent fears of higher US interest rates.
