Gold poised for weekly loss as US delays decision on Middle East involvement
Gold prices were steady on Friday and poised for a weekly loss after U.S. President Donald Trump delayed a decision on entering the Israel-Iran conflict.
Spot gold was little changed at $3,368.68 an ounce, as of 0142 p.m. EDT (1742 GMT), its lowest since June 12, while the index was down 1.8% for the week.
U.S. gold futures settled 0.7% lower to $3,385.70.
"Gold is holding steady as Trump backtracks on an 'imminent' attack on Iran. For the moment, it seems all the bad news is out," said Tai Wong, an independent metals trader.
"A drawdown towards $3,250/oz is possible, but dips have been aggressively bought in this gold rally."
Trump will decide in the next two weeks whether the United States will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to negotiate.
Spot silver fell 1% to $36.02 per ounce, and was down 0.7% for the week. Palladium lost 0.1% to $1,049 but was up 2.1% during the week. Platinum dropped 3.1% to $1,266.72, but on track for its third straight weekly gain.
Source: Reuters