Gold prices surpassed $1,400 on Friday before retreating, still holding near a six-year high on the US central bank's dovish stance on monetary policy. Prices also found support from worries about a potential US military strike against Iran and a global trade conflict. Spot gold rose 0.3% to $1,391.84 per ounce as of 11:09 a.m. EDT (1509 GMT). Prices surged to $1,410.78 earlier in the session, a high not seen since early September, 2013, and were set to mark their best week in over three-years. Bullion rates have jumped more than 5% since the US Federal Reserve on Wednesday hinted interest rate cuts were possible later this year, as it responded to increased economic uncertainty and tepid inflation. US gold futures dipped 0.1% to $1,395.50 per ounce. "Gold is seeing a continuation move from bullish comments throughout the week, most notably the fact that world central banks easing monetary policy is generally very supportive for commodities overall, particularly gold," said David Meger, director of metals trading at High Ridge Futures. Tensions in the Middle East have added support to the gold market, while the US-China trade war continues to concern investors, he added. After initially approving military strikes against Iran in retaliation for the downing of an unmanned surveillance drone, US President Donald Trump pulled back from launching the attacks. Gold is often considered a safe haven in times of political and economic uncertainty. China and the United States are set to resume trade talks ahead of a G20 meeting next week. Hopes for an agreement have grown somewhat, but neither side has signalled a shift from positions that led to an impasse last month. Gold prices traded within a wide range of $28.78, retreating from the more than $1,400 level touched earlier in the day. "The levels above $1,400 are near term resistance, so you would not be surprised to see the market consolidate around this psychological level," High Ridge Futures' Meger said. The next Fed meeting is six-weeks away and investors are digesting this week's signal for a rate cut, analysts said, indicating there may be few bullish cues to prop bullion prices up any higher for now. "To sustain it (the bullish run in gold), you can't go too quickly too fast," said Ross Norman, chief executive at bullion dealer Sharps Pixley. Among other precious metals, silver dipped 1% to $15.26 an ounce, while platinum was up 0.5% to $806.27. Palladium climbed 2% to $1,507.25 per ounce and was headed for a third consecutive weekly gain.
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