Gold experienced a minor setback on Friday, trading around $4,590 per troy ounce at the time of this report. This dip coincided with a strengthening US dollar and a decrease in geopolitical tensions.
As of 15:48 GMT, spot gold was down 1% at $4,567.89 per ounce. Despite this downturn, the yellow metal is still on course for its second weekly gain, having reached a record high of $4,642.72 on Wednesday.
US gold futures for February delivery also saw a drop, falling 1.1% to $4,570.90 per ounce.
In the realm of other precious metals, spot silver plummeted by 4.5% to $88.14 per ounce. However, on a weekly scale, silver is still strong, aiming for gains exceeding 10%, following its peak at $93.57 in the previous session.
Platinum prices decreased by 4.7% to $2,296.75 per ounce, but are still on course for weekly increases. Palladium also faced a decline of 3.1%, settling at $1,744.95 per ounce.
In other markets, US stock indices opened positively, buoyed by chipmaker stocks gaining traction during a week of fluctuating trading. At the opening bell, the Dow Jones Industrial Average rose by 24.3 points (0.05%) to 49,466.7. The S&P 500 increased by 16.1 points (0.23%) to 6,960.54, while the Nasdaq Composite saw a rise of 109.7 points (0.47%) to 23,639.687.
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