New York, March 27 (QNA) - Gold prices rose more than three percent Friday, driven by buying following the decline earlier this week, as investors awaited any signs of de-escalation in the Middle East conflict.

Spot gold rose 3.6 percent to $4,536.29 per ounce.

US gold futures for April delivery also rose 3.6 percent to $4,533.70.

Spot gold hit a four-month low of $4,097.99 on Monday.

Oil prices held above $110 a barrel, despite US President Donald Trump extending the deadline for Iran to reopen the Strait of Hormuz after Tehran rejected a 15-point US proposal to end the fighting.

As for other precious metals, silver rose 4.4 percent to $71.01 an ounce in spot trading, platinum gained 3 percent to $1,882.05, and palladium climbed 3.7 percent to $1,403.54. (QNA)