As investors await new clues to assess the extent of a potential reduction in US interest rates in September, gold prices were subdued on Friday and headed for a weekly decline.

After rising more than 1% on Thursday, spot gold was down 0.2% at $2,421.31 per ounce, at 0402 GMT. US gold futures fell by 0.1% to $2,460.80. According to Tim Waterer, Chief Market Analyst, KCM Trade, “Gold price activity was relatively stable today, with investors taking a break after a choppy week.” After investors liquidated their positions in tandem with a wider fall in stocks, bullion was on track for its biggest weekly fall since June 7, and fell as much as 3% on Monday

Cash was up 0.3% to $27.66 per ounce and platinum rose 0.7% to $937.65 per ounce. Both metals were on the brink of weekly losses. Palladium rose 0.8% to $930.08 and rose 4.4% over the week.