Gold prices rose in the Friday session ahead of a long weekend at a time when data showed a slowdown in US inflation, though not massively insufficient to push the Reserve Bank toward Slow down the pace of interest rate hikes.
The spot gold price rose 0.2% to $1796.53 an ounce, and US gold futures rose 0.5% to $1804.2.
Gold rose about 0.2% during the week, its best performance in three weeks, according to Archyde.com.
US consumer spending rose 0.1% in November after rising 0.4% in October, while inflation slowed further.
Gold prices fell more than 1% in Thursday’s session after US gross domestic product data showed a faster recovery than previous estimates, which may make the Federal Reserve more keen to tackle inflation.
Gold prices are heading down for the second year in a row, by about 2%.
The spot silver price rose 0.6% to $23.70 an ounce, platinum jumped 4.3% to $1019.72, and palladium rose 3.6% to $1741.75.