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U.S. dollar gains as odds drop on Hassett being made Fed chair
Gold fell more than 1% on Friday as investors booked profits after recent record highs, while signs of easing geopolitical tensions further dampened the metal's safe-haven appeal.
Spot gold was down 0.5% at $4,592.29 per ounce as of 01:39 p.m. ET (1839 GMT), after falling as low as $4,536.49 earlier in the session.
However, the metal is poised for its second consecutive weekly gain, of about 1.9%, after scaling a record peak of $4,642.72 on Wednesday.
"It's a general retreat in the commodity complex after weeks of aggressive gains, with some profit-taking. The de-escalation of Middle East tensions has also removed some of the geopolitical premium in gold and other metals, especially silver," said Marex analyst Edward Meir.
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