Gold prices slightly lower, head for fourth-straight weekly gains

Gold prices fell slightly today, Aug. 12, but they are heading for their fourth-straight weekly gains, as inflation started to slow down in the US, which eased concerns about interest rate hikes.  

San Francisco Federal Reserve Bank President Mary Daly said it is far too early to "declare victory" in the fight against inflation, expecting an interest rate hike of a 0.5 percentage point in September, Bloomberg reported.
 

Gold futures for December delivery fell 0.14% to $1,804.7 an ounce at 11:04 am Makkah time. Meanwhile, spot prices edged down 0.08% to $1,788.37 an ounce.
 

On the other hand, silver futures stabilized at $20.33 per ounce, and spot prices of platinum were up 0.33% to $962.96. Meanwhile, palladium prices retreated 0.29% to $2,270.05.
 

The dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.26% to 105.365 points.