Gold ticks lower, poised for weekly gain

Gold bars

Gold prices declined on Friday, heading for a weekly gain, supported by forecasts that the Fed would lower interest rates in September meeting, as well as strong investor confidence in the world's biggest economies.

Gold futures for December delivery dropped by 0.14% to $2,489 per ounce at 10:43 am Makkah time, with a weekly gain of 0.6%.

Meanwhile, gold spot prices stabilized at $2,455.23 per ounce, rising 1% so far this week.

Silver futures for September delivery went down 0.87% to $28.17, and Platinum spot prices lost 0.18% to $954.58.

The bullish outlook for gold remains intact given the lower trajectory expected for global interest rates, Reuters reported, citing Tim Waterer, chief market analyst, KCM Trade.

He added that the precious metal is still poised to make a possible run at $2,500.