WASHINGTON (dpa-AFX) - Gold prices rose to a record high on Friday, but failed to sustain at higher levels and tumbled in the closing minutes of the day's session as a strong dollar weighed on the commodity.
The dollar index surged to 106.11 before easing to 106.00, but still remained high above the flat line, gaining nearly 0.7%.
Gold futures for April ended higher by $1.40 at $2,356.20 an ounce, coming off a high of $2,429.00 an ounce. Gold futures for the front month contract gained about 1.3% in the week.
Silver futures for April settled at $28.255 an ounce. Silver futures gained about 3.1% in the week.
Copper prices rose to a 2-year high, climbing to $4.3620 per pound, before dropping to $4.2655, up just about 0.3% from the previous close.
Gold prices surged higher earlier in the day, boosted by simmering Middle East tensions with investors pondering the possibility of an attack on Israel by Iran or its proxies.
Following the alleged Israeli attack on the Iranian consulate in Damascus, Syria, reports suggest that the top Iranian leadership is planning a retaliatory attack on Israel within the next 48 hours.
It was said that Iran was still weighing the political risks of a direct attack on Israel.
Concerns over persistent inflation also helped sustain demand for the precious metal. Several Fed officials including New York Fed President John Williams and Richmond Fed President Thomas Barkin expressed concerns about inflation.
Meanwhile, their Boston counterpart Susan Collins said the latest data 'implies that less easing of policy this year than previously thought may be warranted'.
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