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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 rose 0.4% to $2,374.14 per ounce by 0235 GMT, but was down 1% for the week. U.S. gold futures climbed 0.7% to $2,371.00.
"Currently, the precious metal is seeing a cool-off period before prices potentially start marching higher in the last quarter of this year," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
"With near-term support at $2,280, we believe gold can hit $2,680 by the end of this year when we start seeing rate cuts," she said, adding that the U.S. presidential election and US-China trade tensions were key triggers that could lead to a significant rebound in prices.
Market focus on Friday will be on the June U.S. personal consumption expenditure (PCE) data - the Federal Reserve's favoured measure of inflation. The PCE data 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.
Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.
Top consumer China's net gold imports via Hong Kong slumped 18% in June from the previous month, data showed, as the recent surge in gold prices weighed on jewellery demand.
On the geopolitical front, U.S. Vice President Kamala Harris pressured Israeli Prime Minister Benjamin Netanyahu to help reach a Gaza ceasefire deal, striking a tougher tone than President Joe Biden.
Spot silver steadied at $27.95 per ounce and platinum gained 0.9% to $941.25. Both metals were on track for their third straight weekly fall.
Palladium rose 0.9% to $914.68. (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)