WASHINGTON (dpa-AFX) - Gold prices steadied on Friday after a 1 percent gain in the previous session, bolstered by increased safe-haven demand.
Spot gold dipped 0.2 percent to $2,654.40 per ounce in European trade but was poised for a weekly gain of more than 1 percent amid an uptick in safe-haven flows. U.S. gold futures were marginally higher at $2,669.51.
A firmer dollar spurred some profit taking after new weekly jobless claims data showed the U.S. labor market remained resilient.
The dollar held steady near two-year highs and headed for its best week since November on expectations for higher-for-longer U.S. interest rates and amid the threat of tariffs from the incoming Trump administration.
Trump's inauguration on Jan. 20 has heightened uncertainty, with the prospect of new tariffs and retaliatory trade measures expected to fuel inflation.
Meanwhile, in its latest trade war salvo in the U.S.-China rivalry, Beijing has added 28 U.S. entities to its export control list to 'safeguard national security and interests,' according to a statement from the Commerce Ministry.
China also proposed export restrictions on some technology used to make battery components and process critical minerals such as lithium and gallium.
Elsewhere, Israeli airstrikes killed at least 68 Palestinians in Gaza on Thursday, authorities said.
Additionally, Russia launched a drone strike on the Ukrainian capital Kyiv on Wednesday, causing damage in at least two districts.
Investors also await the U.S. House Speaker vote later today to see if Mike Johnson will retain his position.
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