Gold prices closed slightly lower at $4,614.21 per ounce, marking a second consecutive weekly decline as traders reacted to the ongoing standoff between the US and Iran. The conflict, which has lasted nine weeks, has raised inflation risks and dampened expectations for interest rate cuts from central banks worldwide. President Donald Trump expressed dissatisfaction with the current negotiations but did not threaten military action. Meanwhile, Iran proposed a new negotiation plan through Pakistan, which previously facilitated talks. Since the conflict began, gold has lost approximately 14% in value, influenced by energy price shocks and a stronger US dollar, which makes gold more expensive for buyers. Despite these challenges, analysts remain bullish on gold, noting that central banks added to their gold reserves at the fastest rate in over a year. Continued retail buying in China has also supported prices, with analysts suggesting that a de-escalation in the Middle East could reignite interest in gold.