While a strong dollar offset the demand for safe havens fuelled by concerns about the Middle East, gold prices remained stable on Friday.

U.S. gold futures remained steady at $2,047.70 per ounce. Spot gold was at $2,032.76 per ounce as of 0440 GMT. The ingot has fallen by 0.3% since the start of the week. The Shanghai Futures Exchange is closed from February 9 to 16 for the Lunar New Year vacation.

Cash increased by 0.2% to $22.63. Spot prices for palladium fell below those of the related metal platinum on Thursday for the first time since April 2018. However, palladium has since regained the advantage, up 0.6% to $892.26 per ounce, while platinum rose to $890.09. Both metals have come under pressure as consumers have reduced their stocks.