Le Gold prices were little changed on Friday, but on track for a third consecutive quarterly increase.

Spot gold was almost unchanged at $2,328.42 per ounce, as of 09:07 GMT. Prices rose around 4% for the quarter. American gold futures rose 0.1% to $2,338.80. Ole Hansen, head of commodity strategy at Saxo Bank, said that “gold has so far managed to hold on, with the current consolidation phase being so shallow that the hedge funds that bought the rally in February and March have not yet been challenged.” In May, the bullion hit an all-time high thanks to a cocktail of factors ranging from expectations of lower rates to stimulus measures from China, to geopolitical tensions, which boosted demand.

Cash increased by 0.8% to $29.28, while platinum rose 1.8% to $1,005.20. Both metals are on track to make quarterly gains. Spot palladium rose by 3.6% to $962.50