Gold prices are steady as traders assess the economic impact of the Middle East conflict

Gold was broadly flat on Friday, after falling more than 1% in the previous session, as investors stayed on the sidelines to assess the impact of the broader Middle East conflict on the global economy.

Foundations

Silver held steady at $5,076.09 an ounce by 0116 GMT. U.S. gold for April delivery was up 0.1% at $5,084.50.

* Dollar weakens, making greenback bullion less expensive for holders of other currencies.

* On the sixth day of the war, Iran launched a series of attacks on Israel, the United Arab Emirates and Qatar.

* US Defense Secretary Pete Hegseth and Admiral Brad Cooper, who leads US forces in the Middle East, said the US has enough ammunition to continue its bombing indefinitely.
* The US-Israeli military campaign against Iran began on Saturday, targeting targets across the country and retaliating against Iran.
* World energy prices rose as the war disrupted supplies and shipments and prompted some major Middle Eastern producers to cut output.
* Bullion, traditionally seen as a safe haven, has risen about 18% so far this year, hitting consecutive record highs amid geopolitical and economic uncertainty.

* US data on Thursday showed initial jobless claims were unchanged last week, while falling sharply in February.

* Markets expect the Federal Reserve to keep interest rates steady at the end of its two-day meeting on March 18, according to CME Group’s FedWatch tool.

* Investors now await the US employment report for February, later in the day. * Silver rose 0.1% to $82.26 an ounce. Spot platinum was up 0.1% at $2,124.05, while palladium was up 1.1% at $1,639.78.