Gold Prices Up as Investors Anticipate US Inflation Data

Gold prices went up on Friday but are on track to record a weekly decline, as investors are awaiting new US inflation data, which is expected to offer further clues about the timing of a potential interest rate cut. Spot gold rose by 0.4% to $2,374.14 per ounce but fell by 1% over the week. Meanwhile, US gold futures jumped 0.7% to $2,371.00. As for other metals, silver held steady at $27.95 per ounce in spot trading, while platinum rose by 0.9% to $941.25, and palladium increased by 0.9% to $914.68. Data released on Thursday showed that the US economy grew at a faster-than-expected pace in the second quarter, but inflation pressures have slowed, keeping expectations for an interest rate cut in September intact. Source: Qatar News Agency