Gold drops over 1% on profit-taking

Gold bars

Gold prices declined on Friday, as investors took profits following the recent recovery of the yellow precious metal on forecasts about the near end of the US monetary tightening cycle.

Gold futures for August delivery fell by 1.22%, or $29.9, to $2,426.5 per ounce at 8:14 am Makkah time, losing nearly 0.24% this week.

Gold spot prices edged down 0.89% to $2,423.31 per ounce, and silver futures for September delivery dropped 1.47% to $29.78. Platinum spot prices also lost 0.56% to $966.59.

Markets now see a 98% chance of a US rate cut in September, according to the CME FedWatch Tool.