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The fragile two-week ceasefire continues to fill the market with uncertainty, with New York gold futures falling 0.9% to $4,775.20 per ounce. However, Brent crude is headed for a sharp weekly drop of nearly 11%, which helps ease concerns about high energy costs and broader inflationary pressures. Some market observers say that the latest U.S. economic data has also alleviated worries about the outlook for monetary policy. ANZ analysts stated: "The U.S. Personal Consumption Expenditure Price Index did not reflect the recent surge in energy prices." Investors are now waiting for the CPI data, which will be released later on Friday.

Although the United States and Iran have reached a ceasefire agreement, and Iran has also restricted the number of ships passing through this critical energy chokepoint, the Strait of Hormuz remains effectively stalled. Citing Israel's continued attacks on Lebanon, Iran prompted U.S. President Trump to urge Israel to scale back its offensive. Israel has agreed to begin direct negotiations with Lebanon, which are tentatively scheduled for next week. According to data from London Stock Exchange Group, Bitcoin fell 0.8% to $71,820 after reaching a three-week high of $73,067 overnight.

The UK's FTSE 100 index in London edged up 0.05%, with housebuilders rising, but shares sensitive to consumer demand declined. France's CAC 40 index was flat, as gains in luxury and technology shares were offset by declines in energy and materials, with steelmaker ArcelorMittal down 1.4%. Luxury stocks also boosted Italy's FTSE MIB index, which rose 0.1%, as Brunello Cucinelli surged 5.4% after releasing an earnings update. Germany's industrial-heavy DAX index was also flat, with Infineon leading the index with a 1.1% gain. German utility shares fell, while Commerzbank edged down 0.8%. Spain's IBEX 35 index was flat, as energy stocks declined but bank stocks gained.