© Reuters. Gold bars in a photo from the Reuters archive.
(Reuters) – They rose on Friday ahead of a long weekend as data showed a slowdown in US inflation, albeit woefully insufficient to prompt the Federal Reserve to slow the pace of interest rate hikes.
The price was up 0.2% to 1796.53 an ounce by 1922 GMT, and US gold futures were up 0.5% to $1804.2.
Gold was up about 0.2% on the week, its best performance in three weeks.
US consumer spending rose 0.1% in November after rising 0.4% in October, while inflation slowed further.
Gold prices fell more than 1% Thursday after US gross domestic product data showed a faster recovery than previously estimated, which could make the Federal Reserve more eager to tackle inflation .
Gold prices are falling for the second consecutive year, by about 2%.
The spot price rose 0.6% to $23.70 an ounce, platinum jumped 4.3% to $1019.72 and 3.6% to $1741.75. The three metals are heading towards making weekly gains.
(Prepared by Muhammad Attia and Muhammad Harfush for the Arab Bulletin – Edited by Mustafa Saleh)
