Gold rebounds but heads for weekly fall before US inflation data
GLD•Spot gold rose 0.7% to $3,903.19 an ounce on Friday but was down nearly 4% for the week ahead of US Producer Price Index data. Silver, platinum and palladium were also on course for weekly declines.
1. Gold recovers modestly
Spot gold rose 0.7% to $3,903.19 per ounce by 1006 GMT after falling 3% on Thursday and nearly 4% so far this week. US gold futures for December delivery gained 0.6% to $3,907.50 per ounce.
2. Inflation data in focus
Investors were awaiting US Producer Price Index data due at 1330 GMT for fresh signals on inflation. Markets priced an 89% chance of a 25-basis-point US rate hike in December and an 11% chance of a 50-basis-point move. Commodity strategist Nitesh Shah said hotter PPI could cap gold’s gains.
3. Other metals decline weekly
Silver rose 0.2% to $50.12 per ounce, platinum fell 0.1% to $1,514, and palladium gained 1% to $1,003.69. All three metals were also on course for weekly losses.
