While traders await the speech by Federal Reserve Chairman Jerome Powell scheduled for next week for clues about the extent of the reduction, the gold price stabilized on Friday and was heading for a weekly gain thanks to optimism about a reduction in American interest rates.

Spot gold fell by 0.2% to $2,450.91 per ounce at 0320 GMT and prices rose nearly 1% this week. US gold futures fell by 0.2% to $2,488.50. According to Tim Waterer, chief market analyst at KCM Trade, “the bullish outlook for gold remains intact given the expected lower trajectory for global interest rates. The precious metal is always ready to reach $2,500.”

Spot silver fell by 0.8% to $28.16 per ounce, platinum fell by 0.1% to $951.95, and palladium lost 0.2% to $942.64 per ounce. All metals were ready for weekly gains.