Gold steadies from two-month peak as inflation-led rally loses steam
GLD•Gold steadies after pulling back from two-month high
Aug. 14 (Reuters) - Gold prices steadied on Friday after pulling back from a more than two-month high, as investors booked profits following a rally fuelled by softer U.S. inflation data and fading expectations for a Federal Reserve rate hike in September.
Spot gold XAU= was little changed at $4,351.45 an ounce by 1113 GMT after the contract fell 1.3% in the previous session. U.S. gold futures GCcv1 for December delivery fell 0.3% to $4,407.70 per ounce.
Bullion rallied to its highest point since June 5 on Thursday.
"Gold is barely holding onto a weekly advance, as markets indulge in some profit-taking following bullion's mid-week spike to a two-month high," said Han Tan, chief market analyst at Bybit.
"The coming week's Federal Open Market Committee meeting minutes may yet trigger fresh volatility for spot gold, even as traders keep a watchful eye on global oil benchmarks."
Silver rises while platinum and palladium head for weekly losses
In other metals, spot silver XAG= rose 0.3% to $64.66 per ounce. Platinum XPT= was up 0.4% to $1,724.90 per ounce and palladium XPD= gained 0.2% to $1,309.28 per ounce, both metals were headed for a weekly drop.
