Gold recovered modestly on Friday but remained headed for its first weekly decline in three weeks as stronger-than-expected U.S. retail sales and a second straight drop in jobless claims tempered expectations for imminent Federal Reserve rate cuts. Spot bullion traded at about $3,349 an ounce in late Asian dealings, trimming the week’s loss to roughly 0.2 percent after sliding 1.1 percent the previous session. While bullion lost momentum, industrial precious metals extended their advance. Platinum climbed 1 percent to $1,472 an ounce, the highest level since 2014, and palladium rose 1.4 percent to $1,298—its strongest price in nearly two years. Silver steadied near $38 an ounce, holding a gain of about 30 percent since January. Analysts say investors are rotating out of traditional safe-haven gold and into metals more closely tied to manufacturing and the green-energy transition. “The carnival has moved on from safe-haven gold to silver, platinum and palladium,” UBS commodity analyst Giovanni Staunovo said, noting that solid U.S. data has capped bullion’s upside even as political pressure on the Fed keeps a floor under prices. Gold is still up more than a quarter this year, supported by central-bank buying and lingering geopolitical tensions, but traders will look to a Fed gathering later this month for clearer guidance on the timing of any rate reductions.