New york: Gold prices are heading for a weekly loss on Friday after better-than-expected US producer price index data dampened bets on a large half-percentage-point interest rate cut at the Federal Reserve's meeting next month. Spot gold prices rose 0.2% to $3,341.50 per ounce at 07:30 GMT. The yellow metal has fallen about 1.7% so far this week.
According to Yemen News Agency, US gold futures for December delivery rose about 0.2% to $3,388.90. The recent economic data has shifted market expectations, causing a reevaluation of the Federal Reserve's potential actions in its upcoming meeting. The anticipation of a smaller interest rate cut has influenced investors' approach, contributing to the decline in gold prices over the week.