Gold Prices Dip Slightly But Hold Weekly Gains Amid U.S.-Iran Ceasefire Hopes

Gold prices edged lower during Asian trading hours on Friday, though the precious metal remained on track to post modest gains for the week. Investor sentiment continued to be shaped by ongoing diplomatic developments between the United States and Iran, alongside softer U.S. inflation figures that have broadly supported bullion demand.

Spot gold slipped 0.2% to $4,782.34 per ounce, while gold futures declined 0.1% to $4,803.29 per ounce as of 01:16 GMT. Despite Friday's minor pullback, spot prices were still up approximately 0.9% on a weekly basis, driven largely by renewed optimism surrounding U.S.-Iran peace negotiations. President Donald Trump expressed confidence in the diplomatic process and signaled hope for further talks ahead of the expiring ceasefire deadline next week.

Market sentiment received an additional lift after the United States successfully brokered a 10-day ceasefire between Israel and Lebanon, easing some geopolitical tension across the broader Middle East region. A weaker U.S. dollar earlier in the week also provided tailwinds for gold, though a partial dollar recovery on Friday capped further upside for metal prices.

Despite these supportive factors, gold's rally remained contained within an established trading range of $4,700 to $4,900 per ounce. Concerns over inflation — particularly tied to the ongoing Iran conflict and potential disruptions to oil shipments through the Strait of Hormuz — kept investors cautious and limited stronger price movement.

Other precious metals outperformed gold over the week. Spot silver fell 0.4% on Friday to $78.31 per ounce, and spot platinum declined 0.4% to $2,083.15 per ounce, yet both metals recorded weekly gains exceeding 3%, outpacing gold's comparatively modest advance.

With no clear catalyst for a breakout in either direction, gold prices are likely to remain range-bound in the near term as traders await further clarity on geopolitical and macroeconomic developments.