Gold declines, records weekly gain

Gold prices fell on Friday amid investor evaluation of the Fed officials' statements about the time of cutting interest rates.

Gold futures contracts for December delivery declined 0.15%, or $2.6, to settle at $1,984.7 per ounce, but recorded a weekly gain of 2.45%.

The main dollar index, which measures the performance of the US currency against a basket of six currencies, fell 0.35% to 103.96 points at 9:21 Makkah time.

“We’re likely at or near the peak of where we need to be in terms of having a sufficiently restrictive stance of monetary policy that will sustainably bring inflation down to 2%,” said Federal Reserve Vice Chair for Supervision Michael Barr.