Gold prices slipped on Friday, but were on track for a fourth straight weekly gain as expectations that the Federal Reserve was likely to cut U.S. interest rates in September lifted appeal for non-yielding bullion.

 

FUNDAMENTALS

* Spot gold was down 0.4% at $2,434.38 per ounce, as of 0047 GMT, after scaling an all-time high of $2,483.60 on Wednesday. Prices were up 1% for the week.

* U.S. gold futures fell 0.8% to $2,435.70.

* Markets see a 98% chance of a U.S. rate cut in September, according to the CME FedWatch Tool.

** Zero-yield bullion's appeal tends to shine in a low-interest rate environment.

* Earlier this week, Fed Chair Jerome Powell said recent inflation readings "add somewhat to confidence" that the pace of price increases is returning to the central bank's target in a sustainable fashion, suggesting a turn to rate cuts may not be far off.

* While, Fed Bank of San Francisco President Mary Daly said she is looking for more confidence that inflation is moving back to the Fed's 2% target.

* Data on Thursday showed the number of Americans filing new applications for unemployment benefits increased more than expected last week, but that did not signal a material shift in the labour market amid temporary automobile plant closures and disruptions from Hurricane Beryl.

* Swiss June gold exports fell to the lowest levels since April 2022 owing to reduced shipments to China and India, customs data showed.

* Among wealthy investors under the age of 43, 45% own gold as a physical asset, and another 45% are interested in holding it, according to a recent study by Bank of America Private Bank.

* Spot silver fell 1.4% to $29.65 per ounce, platinum eased 0.6% at $961.80 and palladium dropped 0.3% to $927.20.

DATA/EVENTS (GMT)

0600 UK Retail Sales MM June

0600 UK Retail Sales Ex-Fuel MM June

0600 UK Retail Sales YY June

(Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Sherry Jacob-Phillips)