The bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 1.5% so far this week.
SEATTLE (Scrap Monster): Gold prices were on track for a third straight weekly gain on Friday, aided by the U.S. Federal Reserve's cut cues for the year and safe-haven demand amid geopolitical and economic uncertainties.
The bullion reached an all-time high of $3,057.21 per ounce on Thursday and has climbed about 1.5% so far this week.
Spot gold fell 0.5% to $3,028.77 an ounce as of 0700 GMT, weighed by a stronger U.S. dollar. U.S. gold futures eased 0.3% to $3,035.70.
"Gold is trading down slightly in today's Asia session due to U.S. dollar strength across the board among the major currencies," said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA.
On Wednesday, the Fed held its benchmark rate steady in the 4.25%-4.50% range as expected. Policymakers see the central bank delivering two quarter-percentage-point cuts by year-end.
U.S. President Donald Trump's initial policies, including extensive import tariffs, appear to have tilted the U.S. economy towards slower growth and at least temporarily higher inflation, Fed Chair Jerome Powell said after the policy meeting.
Elsewhere, 91 Palestinians were killed in airstrikes across Gaza on Thursday after Israel resumed bombing and ground operations, effectively shredding a two-month-old ceasefire.
"All the fundamentals are there for (gold) to keep trending higher," Capital.com's financial market analyst Kyle Rodda said.
"A pull back to the $3,000s for a bit of a recharge before extending the uptrend is quite likely."
A whirlwind of factors, including tariff uncertainty, rate cut expectations and the rekindling of Middle Eastern tensions, have propelled gold to dazzling new heights this year, pushing it to 16 record highs, with four above the crucial $3,000 mark.
The non-yielding metal, a hedge against geopolitical and economic turbulence, thrives in a low interest rate environment.
Spot silver slid 1.4% to $33.08 an ounce, platinum lost 0.3% to $982.20, and palladium shed 0.6% to $946.75. All three were poised for weekly losses.
Courtesy: www.reuters.com
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