India, June 27 -- Gold ticked lower on Friday and was on track for its second consecutive weekly loss as a ceasefire between Israel and Iran dented demand for havens.
Spot gold fell 1.3 percent to $3,285.73 per ounce in European trade and was down more than 2 percent for the week.
U.S. gold futures were down 1.5 percent at $3,299.56 despite a weaker dollar and expectations of more Fed rate cuts this year.
The ongoing pressure on bullion stems from easing geopolitical tensions following a ceasefire agreement between Israel and Iran.
The fragile truce, announced by U.S. President Donald Trump momentarily silenced the 12-day exchange of fire between the two countries.
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