Two Argor-Heraeus SA 250 gram gold bars at Solar Capital Gold Zrt.
Spot gold was down 0.5% at $2,278.50 per ounce, as of 0328 GMT, after hitting a record high of $2,305.04 on Thursday.
"Gold will continue to rally with normal pull-backs," Luca Santos, an analyst at ACY Securities said.
Bullion was on track for a third straight weekly gain, up 2.3% so far, also driven by strong central bank buying and demand from momentum-following funds.
Traders are currently pricing in about 65% chance that the Fed will cut rates in June, according to the CME FedWatch tool.
Persons:
Luca Santos, Santos, Bullion, Hugo Pascal, Pascal, Jerome Powell
Organizations:
Heraeus, Solar, U.S ., Federal, ACY Securities, NFP, Palladium
Locations:
Budapest, Hungary, U.S