Despite robust U.S. economic data and hawkish tones from Federal Reserve officials, participants in the gold markets are largely disregarding these factors, reaffirming gold’s status as a “safe haven” during undeniably uncertain times. According to today’s economic calendar, no significant events are scheduled for release this Friday. However, the evening’s Commitments of Traders Report by the U.S. Commodity Futures Trading Commission (CFTC), due at 9:30 PM, is expected to draw considerable attention. Last week’s report showed a decrease in optimism among large speculators (Non-Commercials), while smaller speculators (Non-Reportables) have become more optimistic.

As of Friday morning, gold prices remained steady. By 7:30 AM (CEST), the most actively traded gold futures for June had decreased by $0.20 to $2,397.80 per troy ounce.

Rising War Risks Drive Up Oil Prices
The escalating military conflict between Israel and Iran has significantly increased the cost of oil ahead of the weekend. Although U.S. crude oil inventories have significantly risen over the past few weeks, a military escalation in the Middle East could jeopardize global oil supply. This week, the U.S. and the United Kingdom announced additional sanctions against Iran, although the Iranian oil sector was not affected. Additionally, at around 7:00 PM, the U.S.-based oil service company Baker Hughes will release its weekly report on North American drilling activities, which is expected to attract heightened attention in the energy markets.

On Friday morning, oil prices were on the rise. By approximately 7:30 AM (CEST), the upcoming West Texas Intermediate (WTI) futures had increased by $1.97 to $84.70, while Brent futures climbed $1.89 to $89.00.