Gold prices were steady on Friday and posted a weekly loss after US President Donald Trump delayed a decision on entering the Israel-Iran conflict.
Spot gold was little changed at $3,368.68 an ounce, its lowest since June 12, while the index was down 1.8 percent for the week.
US gold futures settled 0.7 percent 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.
Iran launched a new barrage of missiles at Israel early on Friday, striking near residential apartments, office buildings and industrial facilities in the southern city of Beersheba.
