Gold prices were largely unchanged in Asian trading on Friday and remained on track for modest weekly gains, as investors continued to monitor potential ceasefire negotiations between the United States and Iran.
Silver and platinum outperformed gold over the week, supported by their industrial demand profiles and growing expectations of supply shortfalls.
Weaker U.S. inflation data also provided support to bullion, alongside a softer dollar. However, the greenback edged higher on Friday, putting some pressure on precious metals.
Spot gold was little changed at $4,789.31 per ounce, while gold futures held steady at $4,810.56/oz as of 02:16 ET (06:16 GMT).
Gold Set for Modest Weekly Advance
Spot gold was up around 0.9% for the week, having earlier gained on optimism surrounding renewed U.S.-Iran negotiations.
U.S. President Donald Trump pointed to improving ties with Iran and expressed confidence that further discussions could take place before the current ceasefire expires next week.
Markets were also supported by a U.S.-brokered 10-day truce between Israel and Lebanon. Iran has repeatedly insisted that Lebanon be included in any broader ceasefire agreement.
However, gold’s upside remained limited due to ongoing concerns about inflation linked to the Iran conflict, particularly as oil prices stayed elevated on fears of continued disruption to shipping through the Strait of Hormuz.
Spot prices continued to trade within a $4,700–$4,900 per ounce range established over the past week, with few clear catalysts for a breakout.
The metal has struggled to gain strong upward momentum since the conflict began, as its traditional safe-haven appeal has been offset by concerns over energy-driven inflation and tighter monetary policy.
Silver Outpaces Gold on Supply Concerns
Other precious metals delivered stronger performance than gold this week. Spot silver rose 0.4% to $78.6895 per ounce on Friday, while spot platinum declined 0.4% to $2,082.76 per ounce.
For the week, silver gained around 3.6%, while platinum advanced 1.6%.
Silver, in particular, benefited from an industry report released earlier in the week, which pointed to a worsening supply deficit in the coming years.
According to a survey by The Silver Institute and Metals Focus, the global silver market is expected to record a sixth consecutive annual supply deficit in 2026, with a projected shortfall of 46.3 million ounces—around 15% larger than in 2025.
The report also highlighted significantly reduced global silver inventories and projected a strong increase in demand in the months ahead.
The Silver Institute noted that a combination of retail investment demand and demand from the artificial intelligence sector is likely to keep silver well supported throughout the year.