If prices go up, Fed officials may be inclined to raise its benchmark rate, raising borrowing costs for businesses and consumers. That could lead to businesses to cut jobs, particularly in the high-growth tech sector, and force Americans to pull back on spending, which drives more than 70% of economic activity in the U.S.

Iran condemns Israel's overnight strikes on military and nuclear facilities while threatening US bases in the Middle East as the Trump administration orders partial evacuations.

Platinum fell by the most in more than three years as market tightness began to ease and conflict in the Middle East prompted global investors to reduce risk.

Gold prices climbed on Friday to their highest levels in nearly two months, and were on track for a weekly gain, after Israeli military strikes on Iran drove investors toward safe-haven assets. Spot gold was up 1.