Gold prices fall slightly, heading for weekly gains

Gold prices fell slightly on Friday amid weak trading but are heading for weekly gains as markets await indications of the direction of the US economy under the administration of incoming President Donald Trump and the Federal Reserve’s (US central bank) interest rate strategy in 2025.

Spot gold fell 0.2% to $2,630.28 per ounce by 02:21 GMT. The precious metal has risen 0.3% so far this week.

US gold futures also fell 0.2% to $2,649.10, according to Reuters.

Data on Thursday showed that the number of Americans filing new claims for unemployment benefits fell last week to a one-month low, indicating a solid labour market that is likely to put pressure on the US central bank to keep interest rates unchanged.

Gold has risen 28% year-to-date and hit an all-time high of $2,790.15 on Oct. 31, supported by rate cuts and rising geopolitical uncertainty.