Gold prices were little changed during Asian trading on Friday and remained on course for a slight weekly advance, as investors kept a close watch on potential ceasefire discussions between the United States and Iran.
Silver and platinum outperformed gold over the week, supported by their industrial demand exposure and increasing expectations of supply shortages.
Bullion also found support from softer U.S. inflation data and a weaker dollar, although the greenback ticked higher on Friday, weighing on metal prices.
Spot gold held steady at $4,789.31 an ounce, while gold futures were unchanged at $4,810.56/oz as of 02:16 ET (06:16 GMT).
Gold on Track for Mild Weekly Gain
Spot gold was up around 0.9% for the week, having earlier rallied on optimism surrounding renewed U.S.-Iran negotiations.
U.S. President Donald Trump pointed to improving ties with Iran and voiced confidence that further talks could take place before the current ceasefire expires next week.
Markets were also supported by a U.S.-brokered 10-day ceasefire between Israel and Lebanon. Iran has consistently pushed for Lebanon to be included in any broader truce arrangement.
However, gains in gold were capped by lingering concerns about inflation stemming from the Iran conflict, particularly as oil prices stayed firm amid the risk of continued shipping disruptions in the Strait of Hormuz.
Spot prices remained confined within a $4,700–$4,900 per ounce range seen over the past week, with no clear catalyst for a breakout.
Since the start of the conflict, gold has struggled to build sustained momentum, as its safe-haven appeal has been offset by worries over energy-driven inflation and tighter monetary policy.
Silver Outperforms on Supply Shortfall Expectations
Other precious metals outpaced gold this week. Spot silver rose 0.4% to $78.6895 an ounce on Friday, while spot platinum slipped 0.4% to $2,082.76 an ounce.
For the week, silver gained about 3.6%, while platinum rose 1.6%.
Silver, in particular, was boosted by an industry report released earlier in the week pointing to a worsening supply deficit.
According to a survey by The Silver Institute and Metals Focus, the global silver market is expected to record a sixth consecutive annual deficit in 2026, with a projected shortfall of 46.3 million ounces—around 15% wider than in 2025.
The report also highlighted sharply reduced global inventories and forecast stronger demand in the months ahead.
The Silver Institute said a combination of retail investor demand and demand from the artificial intelligence sector is likely to keep silver well supported throughout the year.
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