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Gold fell on Friday as investors cashed in profits following a 1.2 percent gain in the previous session on improving demand for the metal on signs U.S. and European central banks will continue loose monetary policies in the medium term.

Spot gold edged down 0.3 percent at $1,326.38 an ounce at 0700 GMT. Bullion is set for an about 1 percent decline for the week.

"The possibility of more easing from the ECB is supportive (for gold), as is current Fed policy," HSBC analyst James Steel said in a note.

"We are going through a bout of voidness in post the Brexit referendum where some liquidation of recent decisions have certainly weighed on gold prices," ANZ analyst Daniel Hynes said. "But everything else is still very conducive for the growth of investments (in gold). Once we just watch out for any short-term positioning that we saw coming just after the referendum, we will continue to see support for gold prices."

Reference: Reuters