Expectations of an interest rate cut by the Federal Reserve in September reinforced the appeal of gold on Friday. As a result, precious metal prices have fallen, but are on track to record a fourth consecutive weekly increase.

The spot gold price fell 0.8% to $2,424.34 per ounce at 02:31 GMT. It has increased by 0.7% since the start of the week, reaching an all-time high of $2,483.60 on Wednesday. US gold futures fell 1.2 percent to $2,426.10. The US dollar rose by 0.1% on Friday, while 10-year Treasury yields also rose

Gold is currently experiencing some profit-taking, but things look positive in the medium term amid political uncertainty and as rate cuts approach, said Kelvin Wong, OANDA's senior market analyst for Asia-Pacific. According to the CME's FedWatch tool, markets estimate that the Fed will cut rates in September at 98%

In Pakistan, the gold price reached a record 254,000 rupees per tola. Elsewhere, Swiss gold exports in June fell to their lowest level since April 2022 due to reduced shipments to China and India, according to customs data

Among other metals, spot silver fell by 1.8% to $29.54 per ounce, platinum fell by 0.5% to $962.65, and palladium fell by 0.4% to $926.50 per ounce.