Gold went down weekly on Friday. After several US Federal Reserve (FED) officials hinted that interest rates would continue to rise, the recent rally ran out of steam. This has dampened market expectations about a US central bank pivot.

Despite rising to the highest level since mid-August, gold is on track for a weekly drop of around 0.6%. U.S. gold futures were stable at $1,763.40 per ounce, spot gold was stable at $1,761.29 per ounce at 0017 GMT. Bullion prices soared after months of declines. The markets are betting on a slowdown in American interest rate increases. According to analysts, institutional investors are wary and further gains could be elusive.

In reality, high interest rates discourage investments in interest-bearing gold. While shipments to India have declined, according to Swiss customs data on Thursday, Swiss gold exports to China and Turkey remained strong in October.

Palladium added 0.5% to $2,015.12, cash increased 0.2% to $20.98 per ounce, platinum gained 0.5% to $985.41. However, all were on track to end the week on a lower note.