Gold held steady on Friday after better-than-expected U.S. GDP data dampened bets of further U.S. rate cuts, while investors awaited key inflation data later in the day.
Spot gold held its ground at $3,749.24 U.S. per ounce. The metal has climbed 1.9% so far this week, and hit a record high of $3,790.82 on Tuesday.
U.S. gold futures for December delivery rose 0.2% to $3,779.40.
Data released on Thursday showed the U.S. economy grew faster than estimated in the second quarter, while weekly jobless claims declined.
Investors now see an 87% and 62% chance of rate cuts in October and December, respectively, down from 91% and 76% prior to the data.
All eyes are now on the personal consumption expenditures (PCE) price index data, the Federal Reserve’s go-to inflation measure, due about 8:30 EDT.
The report could show a 0.3% month-on-month rise and a 2.7% year-on-year jump in August, per a Reuters poll.
