Gold climbs after soft US inflation data; still set for weekly loss
Gold prices extended gains on Friday, supported by a softer dollar and Treasury yields after U.S. economic data indicated a slowdown in inflation, although the Federal Reserve's hawkish interest rate outlook kept bullion on track for a weekly loss.
Spot gold was up 1.2% at $2,624.15 per ounce, as of 01:41 p.m. ET (1841 GMT) and U.S. gold futures settled 1.4% up at $2,645.10.
The dollar fell 0.6% from its two-year high, making gold less expensive for overseas buyers, while Treasury yields edged down from an over six-month high.
The report showed that monthly inflation slowed in November after showing little improvement in recent months. The personal consumption expenditures (PCE) price index rose 0.1% last month after an unrevised 0.2% gain in October.
Spot silver rose 1.8% to $29.54 per ounce, platinum gained 0.5% to $928.34 and palladium climbed 1.5% to $919.56.
Source: Reuters