Gold firms as Middle East jitters outweigh US inflation data

Gold prices gained on Friday as fears of escalating conflict in the Middle East lifted the appeal of the safe-haven metal, despite stronger than expected US inflation data boosting the dollar and Treasury yields. Spot gold was up 0.5% at $2,038.19 per ounce at 0951 GMT, extending its run above the $2,000 level to nearly a month. US gold futures were up 1.2% to $2,042.90. A sudden widening of the war in Gaza is raising questions about how long stock markets can rally, and when central banks will cut rates.

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