Gold is poised for its third weekly decline due to dollar strength and aggressive rate hikes. On the same note, cash silver is down 0.4%.

Gold prices fell slightly on Friday as aggressive monetary policies by major central banks and a strong U.S. dollar kept investors away from greenback. Spot gold was down 0.2 percent at $1,804.26 an ounce by 0258 GMT, after hitting a more than six-week low of $1,801.50 in the previous session. U.S. gold futures were down 0.1 percent at $1,805.00.

Spot gold may break support at $1,801 an ounce and fall to $1,784, according to Reuters technical analyst Wang Tao. Spot silver fell 0.4 percent to $20.16 an ounce, and is down about 4.5 percent this week, its biggest drop since mid-May. Platinum rose 0.3% to $896.30, but is facing its fourth consecutive weekly decline. Palladium fell 0.4% to $1,930.08, but has gained about 2.8% this week.