Gold prices rose slightly today, but remained on track for a weekly decline after stronger-than-expected US inflation data reduced expectations for aggressive interest rate cuts.
Market attention is now turning to the upcoming meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska.
Spot gold was up 0.2% at $3,343.83 per ounce by 13:01 GMT, while US gold futures gained 0.2% to $3,390.80. Despite Friday’s uptick, the precious metal has fallen 1.6% over the week.
The US dollar eased, making dollar-priced commodities more affordable for holders of other currencies.
Data released Thursday showed US producer prices in July rose at the fastest pace in three years. Traders are now pricing in a 92.6% probability that the Federal Reserve will cut rates by 25 basis points in September.
Gold, which offers no yield, slipped 0.6% on Thursday after the data. Lukman Otunuga, senior research analyst at FXTM, noted that “further declines could be imminent depending on how the Trump-Putin summit in Alaska proceeds.” The two leaders are expected to discuss a potential Ukraine ceasefire at a Cold War-era air force base.
Among other precious metals, spot silver fell 0.4% to $37.85 an ounce, down more than 1% so far this week. Platinum dropped 1% to $1,344.14, while palladium slid 2.3% to $1,119.37.
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