Gold prices showed a steady trend on Friday, after a drop of more than 1% in the previous session, as investors exercised caution, assessing the potential effects of a rising conflict in the Middle East on the global economy. Spot gold held steady at $5,076.09 per ounce, as of 0116. Gold futures in the U.S. for April delivery saw a rise of 0.1%, hitting a price of $5,084.50. The dollar saw a minor drop, leading to a reduction in the price of bullion denominated in dollars for those holding other currencies. On the sixth day of conflict, Iran launched a series of attacks aimed at Israel, the United Arab Emirates, and Qatar.

U.S. Defense Secretary Pete Hegseth and Admiral Brad Cooper, who leads U.S. forces in the Middle East, indicated that the U.S. has enough munitions to continue its bombardment without limit. The military campaign launched by the U.S. and Israel against Iran on Saturday has effectively struck multiple sites across the country, eliciting a reaction from Iran. Energy prices worldwide have risen sharply as a result of the war’s effects on supply chains and shipping, prompting several major producers in the Middle East to cut back on production.

Bullion, seen as a safe haven for investors, has risen about 18% this year, reaching consecutive record highs amid growing geopolitical and economic uncertainty. Data from the U.S. released on Thursday showed that initial jobless claims held steady last week, while layoffs saw a notable drop in February. Markets expect that the Federal Reserve will keep interest rates steady after its two-day meeting on March 18, according to CME Group’s FedWatch tool.

Investors are eagerly awaiting the U.S. employment report for February, set to be released later today. Spot silver rose by 0.1%, hitting $82.26 per ounce. Spot platinum rose by 0.1% to $2,124.05, while palladium saw an increase of 1.1% to $1,639.78.