Gold prices were largely steady on Friday, after dropping more than 1% in the previous session, as investors stayed on the sidelines assessing the impact of a widening Middle East conflict on the global economy.
Spot gold held its ground at US$5,076.09 per ounce, as of 0116 GMT. US gold futures for April delivery were up 0.1 per cent at US$5,084.50.
The dollar edged lower, making greenback-priced bullion less expensive for holders of other currencies.
On the sixth day of war, Iran launched a series of attacks on Israel, the United Arab Emirates and Qatar.
US Defense Secretary Pete Hegseth and Admiral Brad Cooper, who leads US forces in the Middle East, said that the US has enough munitions to continue its bombardment indefinitely.
The US-Israeli military campaign against Iran launched on Saturday has struck targets across the country and triggered Iranian retaliation.
Global energy prices soared as the war disrupted supplies and shipping, prompting some major Middle Eastern producers to cut production.
Bullion, traditionally viewed as a safe-haven asset, has risen about 18 per cent so far this year, notching successive record highs amid heightened geopolitical and economic uncertainty.
US data on Thursday showed initial jobless claims unchanged last week, while layoffs dropped sharply in February.
Markets expect the Federal Reserve to keep interest rates steady at the end of its two-day meeting on March 18, according to CME Group’s FedWatch tool.
Investors now await the US employment report for February, due later in the day.
Spot silver edged 0.1 per cent higher to US$82.26 per ounce. Spot platinum inched up 0.1 per cent to US$2,124.05, while palladium rose 1.1 per cent to US$1,639.78.
