Gold edges up Friday but heads for a third straight weekly drop ahead of US inflation data
AI Market Summary
Spot gold is slightly higher on Friday but remains down over 2% for the week, heading toward a third consecutive weekly loss. Stronger-than-expected US August PPI has reinforced expectations of tighter Federal Reserve policy, pressuring non-yielding assets. Markets are now focused on upcoming US CPI for confirmation of the rates path, with spillover weakness also visible in silver, which is down more than 4% on the week.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-1.37%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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Spot gold rose 0.2% on Friday to $4,324.79, but is down more than 2% so far this week, putting it on course for a third consecutive weekly decline. The move follows stronger-than-expected US August PPI data, which has reinforced expectations of further Federal Reserve rate hikes and kept pressure on bullion. Traders are now focused on upcoming US CPI figures for clearer guidance on the Fed's policy path. In other precious metals, spot silver slipped 0.3% and is down more than 4% for the week.
