Gold prices experienced a slight decline on Friday as robust US economic data tempered expectations of imminent interest rate cuts by the Federal Reserve. The stronger data also provided a boost to the US dollar. Investors are awaiting a key inflation report from the United States due later in the day.
Spot gold decreased by 0.2 per cent to $US3741.21 per ounce as of 1.47am GMT (10.47am AEST), although it remained up 1.6 per cent for the week. US gold futures for December delivery remained steady at $US3771.30. The US dollar index was trading near a three-week high, making bullion, which is priced in US dollars, more expensive for buyers using other currencies.
In other precious metals markets, spot silver fell 0.6 per cent to $US44.96 per ounce. Platinum jumped 1.6 per cent to $US1553.35, trading near a 12-year high. Palladium gained 1.4 per cent to reach $US1267.13. All three metals were on track to record weekly gains.
Former U.S. President Trump unleashed a fresh round of punishing tariffs on a broad range of imported goods with effect from October 1.
