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Gold prices fell on Friday, before the announcement of important US jobs data, but they are still heading towards recording the best weekly performance in three weeks, with the dollar weakening due to expectations of a slowdown in the rate of interest rate hikes in the Federal Reserve (the US Central Bank), and indications of declining inflation.
Spot gold fell 0.3 percent to $1,796.71 an ounce, after reaching its highest level since August 10 at $1,804.46 an ounce earlier in the session.
US gold futures fell 0.2 percent to $1,810.70 an ounce.
Gold prices increased by 2.4 percent this week, in what would be the second consecutive weekly gain.
The dollar index held firm during the day, but is on track to incur a weekly loss of about 1 percent, affected by expectations that US interest rates will reach their peak.
The fall of the dollar reduces the price of gold for buyers holding other currencies.
Fed Chairman Jerome Powell said this week that it was time to slow down the rate hike.
Investors are now awaiting non-farm payrolls data in the United States, due to be released on Friday, in search of indications of how the rate hike will affect the labor market.
As for other precious metals, silver fell in spot transactions by 0.7 percent, to $22.61 an ounce.
Platinum settled at $1041.38 an ounce, while palladium fell 1 percent to $1922.13 an ounce. (Reuters)
