Gold prices declined on Friday despite a steady U.S. dollar and a recent interest rate cut by the U.S. Federal Reserve.
As of 7:10 a.m. GMT, December gold futures (Comex) were trading at $2,691.20 per ounce, marking a 0.54% drop from the previous settlement price. Meanwhile, spot gold prices stood at $2,681.48 per ounce, down 0.93% from the prior close, according to Bloomberg.
Yesterday, gold prices had risen as the dollar weakened, with gold futures closing up 1.1% at $2,705.80 per ounce.
On Thursday, the U.S. Federal Reserve cut its benchmark interest rate for the second consecutive meeting, lowering it by a quarter percentage point to a range of 4.50% to 4.75%.
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