Gold falls, poised for fourth straight weekly gain

Gold prices declined on Friday, but they are heading for their fourth straight weekly gain amid uncertain outlook for the US monetary policy and investor anticipation of inflation data.

Gold futures for August delivery fell 0.13% to $2,363.50 per ounce at 9:10 am Makkah time.

The gold spot prices stabilized at $2,343.88 per ounce.

Silver spot prices for July delivery fell 0.88% to $31.25 per ounce. Platinum spot prices kept flat at $1,028.83.

Investors are anticipating the release of US April inflation data today, amid forecasts of a 0.3% rise compared with the previous month.

The US real GDP expanded at an annual rate of 1.3% in the first quarter of 2024, the US Bureau of Economic Analysis' (BEA) second estimate on Thursday showed. This reading followed the 1.6% growth recorded in the first estimate and came in line with the market expectation.