Gold prices fall, poised for weekly gain

Gold bars

Gold prices declined on Friday, but are on track to post gains for the third consecutive week, supported by renewed hopes the Federal Reserve would continue cutting interest rates on inflation data.

Gold futures for February delivery dropped 0.40% to $2,739.80 per ounce at 11:01 am Makkah time.

Gold spot prices fell 0.12% to $2,710.44 per ounce.

Meanwhile, silver futures for March delivery declined 1% to $31.395. Platinum spot prices retreated 0.20% to $934.08.