Gold prices held near one-month lows on Friday, shrugging off cooler-than-expected U.S. inflation figures for last month, with bullion staying on course to wrap up its worst week in seven as the U.S. dollar and bond yields stood strong.
Spot gold edged 0.3% higher to $1,917.89 U.S. per ounce but traded near its lowest level since July 7 touched earlier in the day. U.S. gold futures were steady at $1,950.
Gold gained as much as 0.8% on Thursday after data showed the U.S. consumer price index climbed less than expected in July, raising bets that the Fed will unlikely hike interest rates again in 2023.
Interest rate increases tend to lift bond yields and in turn raise the opportunity cost of holding non-yielding bullion.
Gold prices have descended about 1.3% so far in the week as the U.S. dollar index and benchmark 10-year Treasury bond yields were on track for their fourth consecutive weekly gain.
Related Stories
