Picture used for illustrative purpose. File

Gulf Today Report 

Gold prices dropped on Friday on firm US bond yields and a strong dollar, however, it is still on course for its biggest weekly gains.

Spot gold eased 0.3% to $1,716.86 per ounce by 05:46 GMT while US gold futures fell 0.4% to $1,716.10.

Stephen Innes, chief global market strategist at Axi said, "it's basically a function of elevated yields and although yields aren't marching higher, the problem is they're not going lower, and that presents a problem." 

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Benchmark US Treasury yields gained, making the opportunity cost of holding gold climb, also the dollar rebounded from a near one-week low.

Investors are currently focusing on the US Federal Reserve meeting set for next week for direction on monetary policy.