Gold rises as yields slip after US data lifts rate-cut hopes
U.S. prices rose modestly in June
U.S. 10-year Treasury yields hit one-week low
Silver, platinum set for third straight weekly fall
Updates prices as of 1741 GMT
By Rahul Paswan and Brijesh Patel
July 26 (Reuters) -Gold prices rose 1% on Friday as U.S. Treasury yields fell onoptimism for an interest rate cut by the Federal Reserve in September after data showed U.S. prices rose modestly in June.
Spot gold XAU= rose 0.8% to $2,382.98 per ounce by 1741 GMT, after hitting its lowest since July 9 on Thursday. U.S. gold futures GCcv1 for August delivery settled 1.2% higher at $2,381.
"Today's mixed-to-weaker U.S. data suggests inflationary pressures and economic activity are waning, paving the way for the Fed to cut rates twice this year," said Fawad Razaqzada, market analyst at Forex.com.
Fed policymakers on Friday got fresh evidence of progress on their battle against inflation, fueling expectations they will use their meeting next week to signal interest rate cuts starting in September.
Lower rates reduce the opportunity cost of holding non-yielding bullion.
The personal consumption expenditures (PCE) price index nudged up 0.1% last month after being unchanged in May, the U.S. Commerce Department's Bureau of Economic Analysis said.
Following the data, benchmark 10-year note yields US10YT=RR fell to a one-week low. US/
Meanwhile, physical demand in India, the second-largest consumer, received a boost as the country slashed import duties on gold and silver earlier this week. Gold premiums in India jumped to their highest level in a decade this week as well. GOL/AS
"Any uptick that we see from India or China tends to have an outside effect on overall demand. ... I think the move to reduce the duty (in India) can only have a positive effect on demand," said Everett Millman, chief market analyst with Gainesville Coins.
Spot silver XAG= fell 0.6% to $27.80 per ounce. Platinum XPT= shed 0.2% at $930.86, while palladium XPD= lost 1.1% at $896.50.
Silver, platinum and palladium were headed for their third straight weekly fall.
Spot gold price in USD per oz https://reut.rs/3WAvBfg
Reporting by Rahul Paswan and Brijesh Patel in Bengaluru; Editing by Shounak Dasgupta and Richard Chang
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