Powell says no need for Fed to rush rate cuts
Bullion down more than 4 for the week so far
Silver, platinum and palladium down for week
U.S. retail sales data due out at 1330 GMT

Nov 15 Reuters Gold edged down on Friday and was set for its worst week in more than three years, hurt by a stronger U.S. dollar amid expectations of fewer Federal Reserve rate cuts.

Spot gold was down 0.1 at 2,562.61 per ounce, as of 0554 GMT. It has fallen more than 4 so far in the week.

Bullion hit a twomonth low in the previous session and has declined more than 220 from the record peak hit last month.

U.S. gold futures were down 0.2 at 2,567.10.

The U.S. dollar continued its relentless march higher this week following Donald Trump39;s election victory, making bullion more expensive for other currency holders.

Gold39;s weakness reflects expectations of a more restrictive U.S. monetary policy in 2025 under Trump, said Fawad Razaqzada, market analyst at Forex.com.

Higher interest rates increase the opportunity cost of holding bullion.

Fed Chair Jerome Powell said on Thursday steady economic growth, a strong job market, and persistent inflation justify caution in cutting rates quickly.

According to the CME Fedwatch tool, opens new tab, markets see a 59 chance of a 25basispoint rate cut in December, down from 83 a day ago.

While Powell39;s comments could cap gains for gold as we head into the new year, another turbulent term for President Trump could also see it attract safehaven…