Gold prices on Friday were on track for their biggest weekly decline in over three years as expectations of less aggressive interest rate cuts by the U.S. Federal Reserve lifted the dollar, denting allure for bullion among investors.

Gold prices have recorded their largest weekly decline in over three years. According to Reuters, this decrease is due to the US Federal Reserve's diminishing expectations for further interest rate cuts,

Gold futures ended lower Friday for the sixth straight session in the metal's sharpest weekly selloff in more than three years, driven by a strong U.S. dollar and reduced expectations for interest rate cuts following Donald Trump's election victory.