Gold prices fell on Friday, but were poised for a third straight weekly gain, bolstered by safe-haven demand amidst geopolitical and economic uncertainties as well as anticipation of U.S. Federal Reserve rate cut later this year.

Front-month gold futures turned lower Friday after setting another record in the previous session, but the metal still finished positive for the week. The gold market took a bit of a breather on profit-taking,

Futures on the New York Mercantile Exchange gained 0.7% during the week, reaching $3,021.10 an ounce. Futures rose above the $3,000 mark for the first time on March 13.