Gold prices fell to their lowest level in five weeks on Friday, with spot gold up 0.3% at $1,951.19 per ounce.

Bullion fell 0.4% this week, its sharpest weekly drop since June 23.

Market strategist Yeap Jun Rong said the higher drift in gold prices lacks conviction due to market participants’ indecisiveness ahead of the Bank of Japan meeting.

Asian equities fell and the yen rallied amid speculation the Bank of Japan will remain ultra-low interest rates.

Analysts decreased gold price expectations for this year, and global economic concerns lowered 2024 platinum and palladium projections.