Gold price down 1%, but set for second straight weekly gain

Gold fell by over 1% on Friday but remains on track for a second straight weekly gain amid expectations of a US interest rate cut coming in the second half of the year.

By 11:00 a.m. ET, spot gold traded at $2,331.24 per ounce for a 1.2% drop, while three-month gold futures in New York lost 0.8% at $2,350.40 per ounce.

Still, bullion has gained about 0.6% so far this week, adding to its 1.7% increase from the week before.

“Gold has benefited from a run of soft...