Investing.com– Gold prices fell slightly in Asian trade on Friday, but were headed for mild weekly gains as markets looked to more ceasefire talks between the U.S. and Iran.
Soft U.S. inflation data also aided bullion, as did weakness in the dollar. But the greenback recovered slightly on Friday, pressuring metal prices.
fell 0.2% to $4,782.34 an ounce, while fell 0.1% to $4,803.29/oz by 21:16 ET (01:16 GMT).
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Spot prices were trading up about 0.9% this week, having earlier advanced on growing hopes over more U.S.-Iran peace talks. U.S. President Donald Trump touted improving relations with the country, and expressed optimism over more talks before their ceasefire expires next week.
Markets were also encouraged by the U.S. brokering a 10-day ceasefire between Israel and Lebanon.
But gains in gold were limited by persistent caution over the inflationary effects of the Iran war, especially as oil prices remained upbeat on the prospect of continued shipping disruptions in the Strait of Hormuz.
Spot prices remained squarely with a $4,700-$4,900/oz trading range established over the past week, with few factors pointing to a breakout.
Other precious metals outpaced gold this week. fell 0.4% to $78.3065/oz on Friday, while fell 0.4% to $2,083.15/oz. But the two were up more than 3% apiece this week.
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