Gold prices were on track for a third straight weekly gain on Friday, helped by the US Federal Reserve's hint of a rate cut this year and safe-haven demand amid geopolitical and economic uncertainty.
Bullion prices hit an all-time high of $3,057.21 an ounce on Thursday and have gained about 1.5% so far this week.
Spot gold was down 0.5% at $3,028.77 an ounce by 0700 GMT, weighed down by a stronger US dollar. US gold futures were down 0.3% at $3,035.70.
"Gold prices traded slightly lower in Asia today as the US dollar strengthened across major currencies," said Kelvin Wong, senior market analyst, Asia Pacific, at OANDA.
On Wednesday, the Fed kept its benchmark interest rate unchanged at 4.25%-4.50% as widely expected. Policymakers expect the central bank to cut rates by two quarter-percentage points by the end of the year.
President Donald Trump's early policies, including hefty tariffs on imports, appear to have steered the U.S. economy toward slower growth and at least temporarily higher inflation, Fed Chair Jerome Powell said after the policy meeting
Elsewhere, 91 Palestinians were killed in airstrikes in Gaza on Thursday after Israel resumed bombing and ground operations, effectively destroying a two-month-old ceasefire.
"All the fundamentals are there for (gold) to continue to rally," said Kyle Rodda, financial markets analyst at Capital.com.
"A pullback to the $3,000s for a little recharge before extending the uptrend is very likely." A combination of factors, including tariff uncertainty, expectations of interest rate cuts and resurgent tensions in the Middle East, have pushed gold to stunning new highs this year, pushing it to 16 record highs, four of them above the key $3,000 mark.
The non-yielding metal, a hedge against geopolitical and economic turbulence, thrives in a low-interest environment.
Spot silver fell 1.4% to $33.08 an ounce, platinum fell 0.3% to $982.20 and palladium fell 0.6% to $946.75. All three were set for weekly losses. (Newsmaker23)
Source: Reuters
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