Gold fell on Friday as investors booked profits, but was set for its best week since December 2008 as record high US jobless claims due to the coronavirus fuelled hopes for more stimulus to stem the economic damage caused by the pandemic.
Autocatalysts platinum and palladium, meanwhile, were poised for their biggest weekly gains on record, as a lockdown in major producer South Africa stoked supply worries.
Spot gold fell 0.9% to $1,615.15 per ounce by 0750 GMT, after five straight sessions of gains. US gold futures slipped 1.8% to $1,621.80 per ounce.
Bullion has gained 8% so far this week, supported by weak US unemployment data and the Federal Reserve's unprecedented economic stimulus measures.
"I don't see any real reason to sell gold at the moment other than perhaps to book profits before the weekend," said Stephen Innes, chief market strategist at financial services firm AxiCorp.
"Everything still looks good for gold except the dreaded need for distress sales."
The data was supportive for gold as it fuelled expectations for more fiscal measures, more quantitative easing and more action by the Fed, said Avtar Sandu, a senior commodities manager at Phillip Futures.
Gold market participants also kept a close eye on physical supply as virus-led lockdowns stalled supply chains.