Gold heads for weekly loss as investors unwind inflation-fuelled rally
GLD•Other precious metals also weaken
On the geopolitical front, Washington on Thursday threatened to maintain a naval blockade of Iran indefinitely, ratcheting up economic pressure on Tehran as ceasefire talks have floundered.
In other metals, spot silver XAG= slipped 0.4% to $64.17 per ounce.
Platinum XPT= slipped 0.3% to $1,711.84, while palladium XPD= was steady at $1,306.98, both touching their lowest levels since August 4 earlier in the session. Both metals were headed for a weekly drop.
Gold slips after strong run as investors take profits
Gold prices slipped on Friday and were headed for a weekly loss as investors locked in profits after mild U.S. inflation data propelled bullion to its highest level in more than two months and weakened the case for a near-term Federal Reserve rate hike.
Spot gold XAU= was down 0.5% at $4,326.75 per ounce, as of 0336 GMT. U.S. gold futures GCcv1 for December delivery slid nearly 1% to $4,382.50.
Bullion climbed to its highest point since June 5 on Thursday, before settling 1.3% lower and setting it on track for a weekly loss.
