Gold prices fall, set for weekly loss

Gold bars

Gold prices fell on Friday, heading for weekly losses, even as the metal remains on track to log a third consecutive monthly gain.

December gold futures were slightly changed at $4,016.8 per ounce, but were heading for weekly losses of more than 2.5%.

Spot gold declined 0.35%, or $15.01, to $4,007.11 per ounce, while spot silver rose 0.35% to $49.07 per ounce.

The US dollar index was steady at 99.51 points as of 09:09 a.m. Mecca time.

December silver futures slipped 0.3% to $48.47 per ounce, while spot platinum rose 0.65% to $1,621.3, and spot palladium climbed 1.8% to $1,470.9.

Markets now see a 66.8% probability that the Federal Reserve will cut interest rates by 25 basis points at its December meeting, down from 91.7% a week earlier, according to the CME FedWatch tool.