Spot gold was up 0.1% at $4,052.78 per ounce by 4:10 p.m. EDT (2010 GMT), after falling about 2% in the previous session. Prices were up 0.9% for the week so far, supported by dip-buying earlier in the week.
U.S. gold futures for August delivery settled 0.5% higher at $4,070.80.
"Gold and silver are carving out a base around $3,950 and $55, respectively, despite relentlessly higher yields. While a stop-loss move below can't be ruled out on a sharp war escalation, gold feels ready to move back higher ... A Fed clearly on hold next week would help," said Tai Wong, an independent metals trader.
Brent crude oil prices fell over 4%, after rising over 7% to settle above $100 in the previous session for the first time since May, after Iran-aligned Houthis said they struck two Saudi oil tankers in the Red Sea. [O/R]
U.S. Federal Reserve's policy meeting outcome next week, when it is largely expected to keep rates unchanged.
Traders are pricing in about an 82% chance of a U.S. rate hike in September, according to the CME FedWatch Tool. [FEDWATCH]
"Recent strength in bullion appears driven largely by dip-buying and short covering. This follows the sharp correction from record highs earlier this year ... Elevated oil prices and rising yields are likely to cap any recovery, leaving $4,000 as the key near-term level to watch," analysts at ING said in a note.
Among other metals, spot silver rose 0.8% to $58.11 per ounce, platinum fell 0.8% to $1,587.17, and palladium fell 1.4% to $1,239.20.
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