Gold prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the US non-farm payrolls data that could shed some light on the Federal Reserve’s policy stance.

Spot gold held its ground at $2,301.49 per ounce, as of 0215 GMT, and has lost more than 1% this week.

Prices have fallen $130 after hitting a record high of $2,431.29 earlier in April. US gold futures edged 0.1% higher to $2,311.20.

“The big decline over the last two weeks was due to fading concerns of geopolitical risks and hawkish repricing” in rates markets, said OCBC FX Strategist Christopher Wong.

A renewed push led by Egypt to revive stalled negotiations between Israel and Hamas have raised expectations that a ceasefire agreement could be in sight.

The Fed on Wednesday indicated it is still leaning towards eventual reductions in borrowing costs, but put a red flag on recent disappointing inflation readings that could make those rate cuts a while in coming. Markets are pricing a 73% chance of a rate cut in November, as per CME’s FedWatch Tool.

Bullion is known as an inflation hedge, but elevated interest rates reduce the appeal of the non-yielding asset. The non-farm payrolls report is due at 1230 GMT. “Softer print could provide support for gold. But a better report may still weigh on gold prices.

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Expecting a range of $2280-$2340,“ Wong added.

Spot silver fell 0.2% to $26.65 and was down nearly 2% for the week.

As silver dips back towards the $25-$26 breakout area, watch out for a bullish reversal sign, the metal is going to find its feet again around these levels and maybe see more gains this year, said Fawad Razaqzada, market analyst at City Index in a note.

Platinum gained 0.9% to $957.15 and was set for a weekly rise.

Palladium firmed 0.1% to $935.99.