Gold prices held steady in Asian trading Friday, hovering around $5,080.37 per ounce after falling in the previous session. The precious metal faces a steep weekly decline of nearly 4%, as market forces continue to pressure bullion despite geopolitical tensions in the Middle East. U.S. gold futures gained 0.3% to $5,091.040, offering little relief to investors.

The Middle East conflict entered its seventh day with no signs of easing, fighting between the U.S., Israel and Iran has intensified with missile strikes and retaliatory attacks. President Trump's remarks about wanting a role in deciding Iran's next leader underscore heightened uncertainty. Oil prices extended gains overnight as the conflict threatens energy infrastructure in the Gulf.

Gold typically benefits from geopolitical uncertainty but has struggled as the stronger U.S. dollar and rising Treasury yields reduce its appeal. Investors now focus on the February jobs report, which could provide fresh signals on the labor market's strength. A stronger-than-expected reading would reinforce the view that the Federal Reserve has room to delay rate cuts, further pressuring gold prices.