Dan Walsh, market strategist at RJ O'Brien & Associates in Chicago, says that with no escalation on Friday, traders were more willing to buy riskier assets, like stocks. Gold and U.S. government bond prices sank, while the stock market made gains.
Walsh cautioned that the situation is still fluid. Any new development could drive traders out of riskier investments and into precious metals and other hiding spots.
Traders often shift money into gold in anticipation of a crisis. In March, gold prices hit a high point for the year on concerns over a territorial dispute between Russia and Ukraine.
Industrial metals also settled lower Friday. Copper for September fell 4 cents to $3.18 a pound. Platinum for October dropped $13.80 to $1,489.90 an ounce, while palladium for September dropped $3.60 to $881.50 an ounce.
Wheat lost 19 cents to $5.32 a bushel. Corn fell 9 cents to $3.79 a bushel, and soybeans slipped 9 cents to $10.85 a bushel.
In the market for oil and gas, crude oil slipped 6 cents to end at $103.13 a barrel on the New York Mercantile Exchange.
In other trading on the Nymex:
Wholesale gasoline fell 2 cents to $2.86 a gallon.
Heating oil shed 1 cent to $2.85 a gallon.
Natural gas was unchanged at $3.95 per 1,000 cubic feet.