Gold prices fell by more than 1% during Friday trading, heading for a second consecutive weekly loss, following easing tensions in the Middle East and ahead of key U.S. economic data.
August gold futures dropped by 1.31%, or $44, to $3,304 per ounce as of 09:34 a.m. Mecca time. Spot gold also declined by 1.19%, or $39.57, to $3,288.35 per ounce, down about 1.7% since the start of the week.
September silver futures fell by 0.54%, or 20 cents, to $36.73 per ounce. Spot platinum also declined, dropping 2.9% to $1,380.94 per ounce.
These declines came as the U.S. dollar index—which measures the greenback’s performance against a basket of six major currencies—rose by 0.14% to 97.28.
Markets are closely watching the release of the Federal Reserve’s preferred inflation gauge—the Core Personal Consumption Expenditures (PCE) Price Index. It is expected to rise 0.1% in May compared to the previous month and 2.6% year-over-year.
These figures may influence interest rate expectations, amid ongoing pressure from President Donald Trump on the Fed Chair to cut rates
