Gold Heads for Weekly Loss as Dollar Ticks Higher, US Inflation Report in Focus
Gold prices fell on Friday and were headed for weekly loss amid a slight uptick in dollar, while investors awaited a key U.S. inflation report that may provide further insight into the Federal Reserve's policy trajectory.
Spot gold was down 0.6% at $3,3296.20 an ounc. Bullion is down 1.6% so far this week.
U.S. gold futures fell 0.6% to $3,321.49.
The dollar index (.DXY), opens new tab rose 0.2%, making gold more expensive for overseas buyers.
"Gold prices are more or less consolidating at this point of time," said Brian Lan, managing director at GoldSilver Central, Singapore.
"What we see is that these are normal market occurrences just at the range now is slightly wider mainly due to the confidence in the U.S. dollar."
The U.S. personal consumption expenditures (PCE) report, the Fed's preferred inflation measure, is due at 1230 GMT and is likely to show that inflation rose 2.2% in April, according to economists polled by Reuters, compared with a 2.3% increase in March.
Source : Reuters
