Gold prices holds steady, platinum scales over 10-year high
Gold prices held steady as investors kept an eye on the conflict between Israel and Iran, while platinum scaled its highest level since September 2014 on speculative buying.
Spot gold was steady at $3,369.79 an ounce at 0955 GMT. U.S. gold futures fell 0.6% to $3,387.30.
"We're not expecting that gold prices will fall back to 3,000 because there are a lot of uncertainties," said ANZ Commodity Strategist Soni Kumari, pointing to whether the U.S. decides to become directly involved in the conflict.
Iranian missiles struck an Israeli hospital on Thursday while Israel hit targets across Iran as President Donald Trump kept the world guessing about whether the U.S. would join Israel in air strikes seeking to destroy Tehran's nuclear facilities.
Meanwhile, the Fed held interest rates steady on Wednesday and policymakers still forecast cutting rates by half-a-percentage point this year, but slowed their overall outlook for rate cuts in response to a more challenging economic outlook.
However, Fed Chair Jerome Powell cautioned against putting too much weight on this outlook, warning of "meaningful" inflation ahead as higher import tariffs loom.
Gold is considered a safe-haven asset during times of geopolitical and economic uncertainty. It also tends to thrive in a low-interest rate environment.
In other metals, platinum lost 2.5% to $1,288.67, but hit its highest level since September 2014 earlier in the session.
Platinum prices are supported by rising Chinese imports, ongoing supply concerns, high lease rates and increased investor interest as high gold prices push consumers toward cheaper alternatives.
The fundamentals in the platinum market have not changed, whenever a key technical level such as the 1,000 mark is broken, investors and the speculators will start buying, Kumari said.
Palladium lost 1% to $1,038.18, while silver fell 1.1% to $36.32 per ounce.
(Reporting by Anushree Mukherjee in Bengaluru;Editing by Elaine Hardcastle)
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