Gold prices steadied near the previous session's two-month lows on Friday and were poised for their worst weekly performance in over three years as a rallying U.S. dollar and expectations of less aggressive interest rate cuts by the Federal Reserve pressured the precious metal.

Gold is on track for its worst week in more than three years as Donald Trump’s US election victory and a strong dollar send bullion’s historic rally into reverse. After jumping more than 35 per cent this year to a series of record highs,

Gold prices have been hammered this week, falling harder than they have in three years. The metal dropped over 5% to $2,568.20 per troy ounce, its sharpest weekly plunge since June 2021. Just two weeks ago,