Gold heads for weekly gains after record highs

Gold prices retreated amid a stronger dollar, but the yellow metal is on track for a third weekly gain, following signals from the US Federal Reserve regarding a rate cut in 2025 and demand for gold, a safe haven in times of geopolitical and economic uncertainty.

Spot gold fell 0.5% to $3,029.86 per ounce. Gold reached an all-time high of $3,057.21 per ounce in the previous session and is up about 1.5% so far this week.