Gold prices steadied on Friday, staying below record highs after strong U.S. jobs data cooled expectations for Federal Reserve rate cuts. Spot gold dipped 0.1% to $4,608.55 an ounce, while U.S. futures edged down 0.2%.

The labor market data showed initial jobless claims falling more than expected, reinforcing views that interest rates may stay higher for longer. This shift dampened appeal for non-yielding assets like gold, which had surged earlier in the week on geopolitical tensions.

Easing unrest in Iran also reduced safe-haven demand. President Donald Trump’s tempered rhetoric signaled a lower risk of military escalation, removing a key support for bullion. Other metals slid with silver dropping 1.7% and platinum down 2.1%, pressured by a stronger dollar.