Gold is about to have its best week in 14 years thanks to the expected pause in the Fed's interest rate hike.

Gold fell slightly on Friday after rising over the past five sessions, as rising expectations of a pause in U.S. interest rate hikes put bullion on track for its biggest weekly gain since April. Spot gold fell 0.2% to $1,955.90 per ounce at 0952 GMT, but has gained 1.6% since the start of the week and reached its highest level since June 16. U.S. gold futures fell 0.2 percent to $1,960.50

Gold's rise over the week was less than the overall fall of the dollar, highlighting the risk of a downturn if short position hedging boosts the U.S. currency, Ole Hansen, head of commodity strategy at Saxo Bank, said in a note.

In other metals, spot silver fell 0.5% to $24.74 per ounce, but was poised for its biggest weekly gain since March.

Platinum fell 0.2% to $970.47 and palladium fell 1.1% to $1280.57, but both were poised for a second consecutive weekly rise.