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Gold Sets for 2nd Straight Loss

Gold prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the U.S. non-farm payrolls data that could provide cues on the Federal Reserve’s rate cut timeline.

Spot gold held its ground at $2,306.84 U.S. per ounce by 0457 GMT but lost more than 1% this week. Prices have fallen over $120 after hitting a record high of $2,431.29 earlier in April.

U.S. gold futures firmed 0.3% at $2,315.70.

A renewed push led by Egypt to revive stalled negotiations between Israel and Hamas has raised expectations that a ceasefire agreement could be in sight.

The Fed on Wednesday indicated it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. Markets are pricing a 73% chance of a rate cut in November, as per CME’s FedWatch Tool.

Bullion is considered an inflation hedge, but elevated interest rates reduce the appeal of the non-yielding asset.

Spot silver rose 0.1% to $26.73 but was down nearly 2% for the week.

As silver dips back towards the $25-$26 breakout area, watch out for a bullish reversal sign, the metal is going to find its feet again around these levels and maybe see more gains this year, say some experts.

Platinum gained 0.5% to $954.67 U.S. and headed for a weekly rise. Palladium fell 0.4% to $932.21 U.S.