Gold fell on Friday to $4,150 per ounce, its lowest level since June 11, and was on track for a third consecutive weekly decline, pressured by the stronger dollar and growing expectations of tighter monetary policy, which weighed on demand.
The dollar rose to its highest in a year after the United States Federal Reserve left interest rates unchanged, while adopting a more restrictive tone.
For reference, Goldman Sachs lowered its end-of-year gold price forecast to $4,900 per ounce, from $5,400 previously.
This pullback occurred despite persistent geopolitical uncertainties, after Switzerland announced that discussions planned between the United States and Iran would not take place on Friday.
