While analysts have increased their bets on an end to the U.S. Federal Reserve's interest rate hikes, which pushed the dollar down, gold is on track to record its second consecutive weekly rise this Friday.

Spot gold was up 0.1% at $1,994.09 per ounce at 0923 GMT, and has increased 0.7% since the start of the week. U.S. gold futures were little changed at $1,994.80. Gold is considered to be a hedge against inflation, and the fall in interest rates reinforces the appeal of low-yielding bullion. According to Lukman Otunuga, senior research analyst at FXTM, “gold has gone into blind mode as investors await new clues about the Fed's policy outlook

Platinum rose 1% to $1,056.21, and was heading for its second weekly increase. Cash rose 0.1% to $23.69 per ounce, while palladium rose 0.5% to $919.94