Gold prices fell on Friday after bullion hit a more than five-week high in the previous session and as the U.S. dollar gained, but prices were on track for a weekly rise on expectations of a Federal Reserve rate cut next week.
Spot gold was down 0.8% at $2,658.89 per ounce, as the U.S. dollar hovered near its highest in more than two weeks.
Bullion hit its highest since Nov. 6 on Thursday, and has risen nearly 1% so far for the week.
U.S. gold futures fell 1.1% to $2,678.50.
Underpinned by easing monetary policies, robust central bank buying, and safe-haven demand, gold has shattered multiple record peaks this year.
Traders now see a 97% chance of a 25 basis point rate cut at the Fed's Dec. 17-18 meeting.
The focus will also be on Chair Jerome Powell's commentary as market participants analyse U.S monetary policy for 2025, especially in the light of President-elect Donald Trump's tariff plan which economists say would stoke further inflation.
Source: Reuters
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