Gold is taking a breath after a wave of record highs

Gold prices caught their breath today, Friday, after a wave of record highs that lasted for five sessions and led the yellow metal to record gains for the third week in a row.

This comes at a time when the market is awaiting non-farm payrolls data in the United States, which could provide more indications on the path that the Federal Reserve (the US central bank) will follow regarding monetary policy.

Gold fell in spot transactions 0.5 percent to $2,278.50 per ounce by 0328 GMT, after hitting a record high of $2,305.04 on Thursday. US gold futures also fell 0.5 percent to $2,296.90.

The precious metal is heading to record gains for the third week, also supported by strong purchases by central banks and demand from funds that keep pace with market trends.

The focus now turns to US non-farm payrolls data for March, scheduled to be released at 1230 GMT, which may give more indications about when the US Federal Reserve will begin cutting rates.

Federal Reserve Chairman Jerome Powell says that the bank has time to conduct further deliberations on the first rate cut, given the strength of the economy and the high inflation readings that were issued recently.

As for other precious metals, silver fell in spot transactions 1.7 percent to $26.49 per ounce after rising in the previous session to the highest level since June 2021. Platinum fell 0.4 percent to $921.66. The two metals are heading for weekly gains.

Palladium fell 1.9 percent to $1,002.03.