Gold fell for the third session due to the strength of the dollar and bond yields

Gold prices are set to decline for the third consecutive session on Friday, affected by rising bond yields and the dollar, but the yellow metal remained above the key level of $2,000 amid expectations of a rate cut at the end of the year.

And by 1001 GMT, spot gold fell 0.6 percent to $ 2003.08 an ounce, down 0.7 percent during the week. And US gold futures fell 0.7 percent to $ 2006.60.

Lukman Otunga, senior research analyst at FXTM, said gold’s losses were limited by concerns about the issue of the US debt ceiling and continued concerns about the country’s banking sector.

Gold tends to gain during times of economic or financial uncertainty as a safe haven, while low interest rates also increase demand for non-yielding assets.

Markets are now factoring in a 90 percent chance that the Federal Reserve will keep interest rates at their current level in June.

As for other precious metals, spot silver fell 1.6 percent to $23.78 an ounce. Platinum fell 1 percent to $1,082.59.

Palladium rose 0.8% to $1,563.39.