Khaberni - Gold continued its decline on Friday after positive economic data reduced expectations for a near-term cut in US interest rates, and the waning of geopolitical turmoil contributed to the reduced demand for safe-haven assets.
By 0426 GMT, spot gold fell 0.4% to $4598.52 per ounce. However, the precious metal is on track for weekly gains of about 2% after reaching an all-time high of $4642.72 on Wednesday.
US gold futures for February delivery fell 0.5% to $4601.80 per ounce.
Kyle Rodda, analyst at Capital.com said, "The move towards a decline (in gold) generally began when... (the) likelihood of the United States intervening somehow in the social unrest in Iran... And we receive data from the United States, all of which shows that there is no pressing need for a cut in interest rates."
The dollar is headed for gains for the third week after data from the US Department of Labor showed weekly unemployment claims decreased by nine thousand to 198,000 after seasonal adjustment, which is below expectations at 215,000 according to a Reuters survey.
The rise in the dollar makes metals priced in the US currency more expensive for holders of other currencies.
People inside Iran, contacted by Reuters on Wednesday and Thursday, said that protests seem to have decreased since Monday and US President Donald Trump also adopted a less aggressive tone regarding military intervention against Tehran.
For other precious metals, spot silver fell 1.8% to $90.70 per ounce, although it is on track for weekly gains of over 13% after reaching an all-time high of $93.57 in the previous session.
Platinum fell 2.8% to $2342.14 per ounce and palladium lost 2.3% to $1759.07 per ounce after hitting its lowest level in a week earlier.
