Gold headed for the first back-to-back decline since November as the US and Iran stepped back from a deeper military conflict, blunting the appeal of haven assets as global equities gained ground. Palladium motored to yet another record, extending a meteoric rally.
Bullion headed lower after a retaliatory Iranian missile attack on two US bases in Iraq on Wednesday caused no casualties, allowing President Donald Trump an opportunity to stand down from what had looked like an escalation toward a Mideast war. Stocks in Asia extended a rally that began in America.