Prices for gold fell on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve will cut interest rates in September lifted bullion’s appeal.
Spot gold was down 1.25% to $2,414.45 U.S. per ounce. It has risen 0.1% this week, and hit an all-time high of $2,483.60 on Wednesday.
U.S. gold futures fell 1.6% to $2,416.80. The U.S. dollar inched higher 0.1% and benchmark 10-year Treasury yields also drifted higher, putting pressure on bullion.
Markets see a 98% chance of a Fed rate cut in September. Non-yielding bullion’s appeal tends to shine in a low-interest rate environment.
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