Gold prices fell 1% on Friday after the release of US inflation data. The data was expected to indicate that the Federal Reserve will take a cautious approach to further interest rate cuts.
Spot gold fell 1% to $2,846.19 an ounce. Silver saw its biggest weekly decline since November, falling 3.1% so far this week. US gold futures ended down 1.6%.
The personal consumption expenditures (PCE) price index rose 0.3% in January, as expected, following an unadjusted 0.3% increase in December. The Fed forecast that overall, pricing was little changed.
However, gold is set for a second consecutive monthly gain, boosted by concerns over the US President’s tariff plans.
