Gold prices fall, maintain seventh straight weekly gain

Gold bars

Gold prices turned lower on Friday amid profit taking, but recorded a weekly gain for the seventh straight week.

Gold futures for April delivery declined 1.5%, or $44.7, to $2,900.7 per ounce, recording a weekly gain of 0.45%.

The US dollar index, which gauges the greenback's strength against a basket of six currencies, dropped 0.55% to 106.75 points at 10:51 pm Makkah time.

Markets expect the Federal Reserve to keep interest rates unchanged with a probability of 97.5% for March, May (79.5%), and June (48.7%), according to the FedWatch tool.

The previous gains of the precious metal came as a hedge against geopolitical uncertainty, after President Donald Trump ordered to draft plans for charging reciprocal tariffs on any country that imposes fees or taxes on US imports.