Gold firms ahead of US inflation data, but set for weekly loss

Reuters

Gold firms ahead of US inflation data, but set for weekly loss

2024 7월 26 일, 오전 3:04 GMT

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Gold down over 1% so far this week

Silver, platinum set for third straight weekly fall

US PCE data due at 1230 GMT

Updates prices

By Ashitha Shivaprasad

July 26 (Reuters) -Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.

Spot gold XAU= was up 0.2% at $2,369.99 per ounce, as of 0703 GMT, but has lost more than 1% for the week. U.S. gold futures GCcv1 climbed 0.6% to $2,368.30.

"Last week, prices scaled record highs on bets of a September U.S. rate cut. When prices rally in a short span, you see a correction, but we remain bullish on gold," said ANZ commodity strategist Soni Kumari.

The U.S. personal consumption expenditure data for June - the Federal Reserve's favoured measure of inflation - is due at 1230 GMT.

Data on Thursday showed that the U.S. economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut. FEDWATCH

Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.

"With near-term support in sight at the $2,280 mark, we still believe gold can hit $2,680 by end of this year," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

"The U.S. elections and the political uncertainty surrounding it along with the U.S.-China trade tensions are other key triggers that could lead to a significant rebound in prices."

Top consumer China's net gold imports via Hong Kong slumped 18% in June from the previous month, data showed.

"Chinese physical demand for gold should pick up, especially given the challenges in their property and equity markets. Meanwhile, India's demand for gold is likely to rise while moving into the fourth quarter, which is traditionally a robust seasonal period for gold demand," ANZ's Kumari said. GOL/AS

Spot silver XAG= fell 1% to $27.70 per ounce and platinum XPT= steadied at $933.42. Both metals were on track for a third straight weekly fall.

Palladium XPD= rose 0.1% to $907.57.

Spot gold price in USD per oz https://reut.rs/4dknXuP

Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu

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