Gold holds losses as strong dollar outweighs haven demand; set for weekly drop

try traded largely flat at $5,080.37 an ounce by 20:25 ET (01:25 GMT). U.S. {{8830|Gold Futures gained 0.3% to $5,091.040. The yellow metal slipped 1% in the previous session, and was set to lose nearly 4% for the week. Get premium commodity market insights with analyst comments on InvestingPro The conflict in the Middle East entered its seventh day on Friday with no clear signs of easing, keeping global financial markets on edge. Fighting between the U.S, Israel and Iran has intensified over the past week, with missile strikes and retaliatory attacks spreading across the region and raising fears of disruptions to global energy supplies. U.S. President Donald Trump said he wanted a role in deciding Iran’s next leader once the war ends, remarks that underscored heightened uncertainty over the region’s political future. Oil prices extended their strong gains overnight as the conflict threatened key energy infrastructure and shipping routes in the Gulf. The surge in crude prices has fueled concerns about a renewed wave of global inflation. This has complicated the outlook for global central banks, including the U.S. Federal Reserve. Higher oil prices tend to feed into inflation and could make policymakers more cautious about cutting interest rates in the near term. Investors are now turning their attention to the U.S. February nonfarm payrolls report due later on Friday, which could provide fresh signals on the strength of the labor market and the direction of monetary policy. A stronger-than-expected reading could reinforce the view that the Federal Reserve has room to delay rate cuts. Gold typically benefits from geopolitical uncertainty and lower interest rates, but the metal has struggled to gain momentum this week as the stronger dollar and rising bond yields reduced its appeal. Among other precious metals, silver prices edge up 0.5% to $82.68 per ounce, while platinum gained 0.7% to $2,134.76/oz.