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Shafaq News/ Gold prices were on track for a third straight weeklygain on Friday, aided by the U.S. Federal Reserve's cut cues for the year andsafe-haven demand amid geopolitical and economic uncertainties.

The bullion reached an all-time high of $3,057.21 per ounce onThursday and has climbed about 1.5% so far this week.

Spot gold fell 0.5% to $3,028.77 an ounce as of 0700 GMT, weighedby a stronger U.S. dollar. U.S. gold futures eased 0.3% to $3,035.70.

"Gold is trading down slightly in today's Asia session due toU.S. dollar strength across the board among the major currencies," saidKelvin Wong, senior market analyst, Asia Pacific, at OANDA.

On Wednesday, the Fed held its benchmark rate steady in the4.25%-4.50% range as expected. Policymakers see the central bank delivering twoquarter-percentage-point cuts by year-end.

U.S. President Donald Trump's initial policies, including extensiveimport tariffs, appear to have tilted the U.S. economy towards slower growthand at least temporarily higher inflation, Fed Chair Jerome Powell said afterthe policy meeting.

Elsewhere, 91 Palestinians were killed in airstrikes across Gaza onThursday after Israel resumed bombing and ground operations, effectivelyshredding a two-month-old ceasefire.

"All the fundamentals are there for (gold) to keep trendinghigher," Capital.com's financial market analyst Kyle Rodda said.

"A pull back to the $3,000s for a bit of a recharge beforeextending the uptrend is quite likely."

A whirlwind of factors, including tariff uncertainty, rate cutexpectations and the rekindling of Middle Eastern tensions, have propelled goldto dazzling new heights this year, pushing it to 16 record highs, with fourabove the crucial $3,000 mark.

The non-yielding metal, a hedge against geopolitical and economicturbulence, thrives in a low interest rate environment.

Spot silver slid 1.4% to $33.08 an ounce, platinum lost 0.3% to$982.20, and palladium shed 0.6% to $946.75. All three were poised for weeklylosses.

(REUTERS)