Gold Slightly Weakens, Market Awaits US Inflation Data
Gold prices fell slightly on Friday morning to $3,745.67 per ounce, pressured by stronger-than-expected US economic data. The data reduced expectations for further interest rate cuts this year, while strengthening the US dollar, which is now near a three-week high.
Despite the weakness, gold still recorded a gain of around 1.6% so far this week. The strengthening dollar has been the main obstacle for gold to break through the psychological level of $3,800, but President Donald Trump's announcement of new tariffs has the potential to limit further weakness in the precious metal.
Recent economic data showed that US weekly jobless claims fell, while second-quarter GDP growth was revised up to 3.8% thanks to strong consumer spending and business investment. Investors now focus on the release of PCE inflation data—the Fed's favorite inflation indicator—which is projected to rise 0.3% month-on-month and 2.7% year-on-year in August.
Meanwhile, other precious metals also moved mixed. Silver fell 1% to $44.89 an ounce, platinum rose 0.9% to near a 12-year high of $1,542.90, and palladium gained 0.9% to $1,261.03. All three remained on track for weekly gains. (ads)
Source: Newsmaker.id
