Gold prices remained steady on Friday but are expected to drop for the week due to rising oil prices, which have intensified inflation fears and concerns over prolonged high interest rates. As of 0105 GMT, spot gold was valued at $4,697 per ounce, marking a 2.6% decline this week after a four-week winning streak. U.S. gold futures for June delivery decreased by 0.2% to $4,712.50. The surge in Brent crude prices, which have risen over 18% this week to above $105 per barrel, is attributed to ongoing tensions in the Strait of Hormuz, where a ceasefire has been extended amid stalled U.S.-Iran negotiations. U.S. President Donald Trump expressed skepticism about Iran's willingness to negotiate, indicating potential military action if necessary. The global economy is facing challenges from rising energy costs, impacting production and service sectors. Additionally, CME Group has adjusted margin requirements for gold and silver futures, reflecting market conditions.