Gold prices decline, post weekly rise

Gold bars

Gold prices fell at close on Friday, weighed down by profit-taking and easing geopolitical tensions, although the yellow metal still posted weekly gains.

Gold futures for February delivery declined 0.61%, or $28.3, to settle at $4,595.40 an ounce, trimming weekly gains to around 2%.

The weekly advance was driven by heightened geopolitical risks after the U.S. administration signaled the possibility of a military strike on Iran. However, U.S. President Donald Trump later hinted at backing away from such a move, easing tensions.

Gold also hit a fresh record high earlier in the week, prompting investors to lock in profits, which pressured prices in Friday’s session.