Gold Soars After U.S. Warns Citizens To Exit Iran Immediately

(RTTNews) - Rebounding from yesterday's slump that was triggered by profit taking from the two previous sessions, gold prices surged on Friday, as the war-threat in the Middle East increases.

Comex gold for April delivery sharply has shot up by $92.0 (or 1.88%) to 4,981.5 per troy ounce. In five days, it has skyrocketed by $243.50 (or 5.13%).

Comex silver for April delivery has edged higher by $0.607 (or 0.79%) to 77.600 per troy ounce. However, for the week, it has plunged by $1.832 (or 2.32%).

Teams headed by Iran's Foreign Minister Abbas Araghchi and U.S. President Donald Trump's envoy Steve Witkoff and Jared Kushner met in Muscat, Oman today to discuss Iran's nuclear program.

The U.S. had earlier demanded that the agenda should include Iran's ballistic missiles program, while Iran wanted to confine the talks to its nuclear program.

The high-stakes meeting assumes importance against the backdrop of a flotilla of U.S. naval forces assembling near Iran, waiting to strike if required.

Iran had already asserted its preparedness to face any harsh strikes even though it was open to the diplomacy route to address issues.

Today's talks concluded with both sides leaving in quick succession without offering any details. No timeline for the next round of discussions have been revealed.

Stoking concerns of turbulent days ahead, the U.S. issued an advisory to its nationals to leave Iran immediately. The statement urged them to prepare an "exit plan" that does not rely on the U.S. government's help.

The U.S. conducted a swift strike on Venezuela on January 3 and successfully displaced Nicolas Maduro's regime.

Weeks before, Trump had stated that Iranians want a regime change.

Concerns of Trump preparing for a direct military confrontation with Iran brought back the safe-haven demand for the yellow metal.

The second round of talks between Russia and Ukraine in Abu Dhabi, United Arab Emirates, with the U.S. acting as mediator, concluded today.

Russia stated that both sides engaged in very difficult work but called it constructive. Yesterday, both sides agreed to exchange around 314 prisoners of war as a confidence-building measure.

The three nations announced making some headway and confirmed the talks would continue soon, although no details were divulged.

Recent data from the U.S. has pointed to a strengthening economy but a weak labor market.

Due to the recent brief partial U.S. federal government shutdown, the monthly nonfarm payrolls data is set to be released next Wednesday.

The University of Michigan's consumer sentiment index increased by 0.9 to 57.3 for February, versus the expected decline to 55.0, marking the third consecutive monthly increase, limiting the losses in the U.S. dollar.

Five-year inflation expectations increased to 3.40% in February from 3.30% in January.

The U.S. dollar index was last seen trading at 97.63, down by 0.19 points (or 0.19%) today.