WASHINGTON (dpa-AFX) - Gold fell more than 1 percent toward $2,400 per ounce on Friday but was on track for a fourth straight weekly gain on growing expectations that the Federal Reserve will start reducing interest rates in September.
Spot gold fell 1.2 percent to $2,415.81 per ounce, while U.S. gold futures were down 1.6 percent at $2,418.05.
The precious metal is facing profit taking after rallying to a record high above $2,480 on Tuesday.
Political uncertainty helped the U.S. dollar to recover from four-month lows, with President Joe Biden reportedly facing increased pressure from senior democratic leaders to pull out of his re-election bid.
The chances of Donald Trump finding his way back to the White House for a second term are now higher than at any previous time in the 2024 presidential race following an assassination attack on him.
Trump is known for favoring protectionist trade policies, which improves the dollar's appeal.
Taiwan should pay the United States for its defense as it does not give the country anything, Trump said earlier this week.
Separately, his former national security adviser brushed aside concerns that 100 percent tariffs on some Chinese goods would fuel inflation and called for what he termed a broad 'strategic decoupling' from Beijing.
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