Gold prices steadied on Friday as traders awaited the release of U.S. inflation figures, after recent economic data eased expectations for aggressive interest rate cuts by the Federal Reserve.
Thursday’s U.S. reports showed weekly jobless claims declining, while the economy grew at a faster-than-expected pace in the second quarter, supported by strong consumer spending and business investment. These results led investors to scale back their expectations for Fed rate cuts in October and December, with probabilities slipping to 85% and 60%, down from 91% and 76% previously.
On Thursday, gold futures for December delivery edged up by 0.10%, or about $3, to settle at $3,771.10 an ounce. Spot gold was steady at $3,748.41 an ounce but posted a 1.6% gain for the week. U.S. gold futures also held firm at $3,774.50 an ounce.
Among other precious metals, spot silver dropped 1% to $44.83 an ounce, while platinum rose 0.8% to $1,541.39—approaching a 12-year high. Palladium also gained 0.9% to $1,261.59. All three metals were on track to close the week higher.
