Gold steady after US inflation data

Gold prices were unchanged on Friday, as investors awaited data on industrial activity in the US. This comes after official data released yesterday revealed a slowdown in the Federal Reserve's preferred inflation gauge in January, supporting possibilities of interest rate cuts this year.

Gold futures for April delivery steadied at $2,055.20 per ounce at 10:44 am Makkah Time, after recording a monthly loss of 0.6% on Thursday.

The spot price of the yellow metal edged up by $1.2 to $2,045.50 per ounce, while silver futures for May delivery remained steady at $22.89. Meanwhile, the spot price of platinum declined by 0.25% to $878.07 per ounce.

Official data released on Feb. 29 indicated a slowdown in the US Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation gauge, to 2.4% on an annual basis in January from 2.6% in December. The core PCE also slowed to 2.8% from 2.9% during the same period.

Investors are currently anticipating the final reading of the US Purchasing Managers' Index (PMI) for February, with expectations that it will remain unchanged from the preliminary reading at 51.5 points.