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Gold set for weekly drop as US data dims large Fed rate cut hopes
Gold prices gained on Friday, helped by a pullback in the dollar, although bullion was headed for a weekly fall as hotter-than-expected US inflation data dented expectations for a super-sized 50-basis-point (bps) Federal Reserve rate cut. Spot gold rose 0.4% to $3,348 per ounce as of 0506 GMT. Bullion has lost 1.5% for the week. US gold futures for December delivery gained 0.3% to $3,394.30.“Gold is still grappling with the aftermath of the PPI jump, which raised questions over just how far the Fed may be inclined to reduce rates this year,” said Tim Waterer, chief market analyst at KCM Trade. US producer prices ... (full story)
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