Gold prices fall over 1%

Gold bars

Gold futures declined on Friday and are on track to post weekly losses amid uncertainty over Washington's stance on military intervention in the ongoing Middle East conflict.

August gold futures fell 1.2%, or $41.20, to $3,366.90 an ounce.

Spot gold also dropped 0.7%, or $23.17, to $3,347.73 an ounce at 8:48 AM Makkah time.

Meanwhile, the US dollar index—which measures the greenback against a basket of six major currencies—declined 0.25% to 98.64 points.

July silver futures tumbled 3.45% to $35.96 an ounce. Spot platinum prices fell around 1.3% to $1,286.15, while palladium dropped 0.1% to $1,043.19 an ounce.

This came after the White House announced on Thursday that President Donald Trump will decide within the next two weeks whether the US will intervene in the Iranian-Israeli conflict.