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Gold prices were holding at near two-month highs, as the market reconsiders the potential of U.S. rate cuts in June.

The precious metal slipped 0.25% to $2,090.5 a troy ounce, but is up 0.9% so far this year and has risen 13% over the past year. Several data releases on Friday from the U.S. showed a weaker economy, supporting bets on Fed rate cuts into the summer, and U.S. manufacturing weakness and construction data coincided with easing price pressures, SP Angel analysts said in a research note.

The market is now pricing in a 74% chance of a rate cut in June, from 65% last week, SP Angel said.

Gold's price is closely linked to rates, with higher rates diminishing the appeal of the non-interest-bearing precious metal.