Gold prices were largely steady on Friday, on track for their seventh straight month of gains as uncertainty over US tariff policies and tensions between the US and Iran boosted the metal’s safe-haven appeal.

Spot gold edged down 0.1 per cent to $5,181.18 per ounce by 08:37 GMT. The metal has climbed 6.5pc so far in February, bringing gains for the seven months to a whopping 58pc.

US gold futures for April delivery were up 0.1pc at $5,198.10.

The benchmark 10-year yield fell to a three-month low on the day, decreasing the opportunity cost of holding non-interest-paying gold.

“There are two things (supporting gold). First is the tariff uncertainty which is there in the market right now, and on the other hand, the Iran and the US situation,” said ANZ analyst Soni Kumari.

The United States and Iran held indirect talks in Geneva on Thursday over their long-running nuclear dispute, with the Omani mediator saying the two sides had made progress.

They plan to resume negotiations with technical-level discussions scheduled next week in Vienna.

“The latest rounds of talks have not produced a clear outcome, leaving geopolitical risks present but not escalating. This has kept gold at elevated levels, though it has not yet provided sufficient momentum to establish a sustainable bullish trend,” said Linh Tran, Senior Market Analyst at XS.com.

The US began collecting a temporary new 10pc global import tariff on Tuesday. However, the rate will rise to 15pc for some countries, US Trade Representative Jamieson Greer has said.

On the data front, the number of Americans filing new applications for jobless benefits increased slightly last week, but the unemployment rate was steady in February.

Spot silver rose 1.7pc to $89.87 per ounce, and was headed for a 6.2pc gain on the month.

Spot platinum climbed 4.1pc to $2,365.33 per ounce, a four-week high, while palladium gained 2.1pc to $1,821.28.