Gold prices fell on Friday, but were heading for gains for the fourth week in a row, as expectations of a cut in US interest rates in September led to increased demand for the metal.
Price movements
By 02:31 GMT, spot gold fell 0.8 percent to $2,424.34 per ounce.
It has risen 0.7 percent so far this week and hit an all-time high of $2,483.60 on Wednesday.
US gold futures fell 1.2 percent to $2,426.10.
Pressure on gold also increased with the dollar rising 0.1 percent on Friday, and standard 10-year US Treasury bond yields also rose.
Kelvin Wong, chief market analyst for the Asia-Pacific region at OANDA, said that gold is currently witnessing some profit-taking, but things look positive in the medium term amid a state of political uncertainty and with interest rate cuts approaching.
Markets are 98 percent likely to cut US interest rates in September, according to CME's Fed Watch tool.
Low interest rates increase the attractiveness of the yellow metal, which does not generate a return.
Earlier this week, Federal Reserve Chair Jerome Powell said recent inflation readings "somewhat increase confidence" that the pace of price increases is returning to the central bank's target in a sustainable way, suggesting that interest rate cuts may not be far away.
Yesterday, Thursday, data showed that the number of Americans who filed new applications for unemployment benefits rose more than expected last week, but this did not indicate a fundamental shift in the labor market amid the temporary closure of auto factories and unrest due to Hurricane Beryl.
Customs data stated that Swiss gold exports declined in June to their lowest levels since April 2022 due to a decline in shipments to China and India.
As for other precious metals, silver fell in spot transactions 1.8 percent to $29.54 per ounce. Platinum fell 0.5 percent to $962.65, and palladium lost 0.4 percent to $926.50.
The three metals are heading to incur weekly losses.
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