Gold prices were set on Friday for their biggest weekly gain since April, after rallying close to a one-month high, as markets scale back expectations of further U.S. interest rate hikes, sending the dollar to its lowest in more than one year.
Spot gold held steady at $1,961.79 per ounce by 0319 GMT, and up nearly 2% for the week. U.S. gold futures rose 0.1% to $1,965.80.touched its lowest level since April 2022.
Data on Thursday showed U.S. producer prices barely rose in June, providing more evidence the economy had entered a disinflation phase. However, if the Fed does indicate more rate increases, "that could provide some nervousness " Simpson added. Among other precious metals, spot silver was flat at $24.8402 per ounce, set for its biggest weekly gain since March.
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