Gold prices were steady on Friday but remained on track for a weekly decline, as stronger-than-expected U.S. inflation data dampened expectations for interest rate cuts and shifted market attention to the meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
Spot gold was unchanged at $3,336.66 per ounce at 1:40 p.m. EDT (17:40 GMT), down 1.8% for the week, while U.S. gold futures ended almost flat at $3,382.6. The U.S. dollar weakened, making gold and other dollar-priced commodities more affordable for buyers using other currencies. Data released on Thursday showed U.S. producer prices in July rose at the fastest pace in three years. Traders now price in an 89.1% chance of a 25-basis-point Federal Reserve rate cut in September, down from about 95% before the data.
Following the release, non-yielding gold slipped 0.6%. Lukman Otunuga, senior research analyst at FXTM, warned that while prices stabilised on Friday, they could face further pressure depending on the outcome of the Trump–Putin summit in Alaska. Geopolitical uncertainty and lower interest rates typically support demand for gold.
Analysts at ANZ forecast that macroeconomic and geopolitical risks will grow in the second half of the year, bolstering gold’s safe-haven appeal. “The bullish outlook for gold remains, backed by the potential for higher tariffs, a slowing global economy, looser U.S. monetary policy, and sustained dollar weakness,” they said.
In other precious metals, spot silver dipped 0.1% to $37.96 per ounce, down 1% for the week. Platinum slid 1.5% to $1,336.80, and palladium dropped 2.6% to $1,116.52.
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One person was killed and nearly a dozen hurt in a fresh attack on Riyadh's international airport on Sunday, Saudi authorities reported, a day after a strike claimed by Yemen's Houthis killed 13 people and wounded more than 300.
Yemen's Houthis renewed warning to airlines, airport workers, and travellers against using Saudi airports, saying the warning should be taken seriously and that the kingdom “bore responsibility for failed interceptions”, a day after an attack on Riyadh's international airport that killed 12 people.
The Houthi movement has escalated their attacks on Saudi Arabia, targeting the airport in Riyadh and other cities, killing more than a dozen people.
The Kremlin on Monday rejected a 60-day ceasefire idea proposed by Ukrainian President Volodymyr Zelenskyy to allow his country to hold presidential elections, saying it wanted an overall peace deal instead.
Ukraine is ready to stop attacks on Russian oil refineries if Moscow also halts strikes on Ukrainian energy infrastructure, President Volodymyr Zelenskyy said on Sunday.
North Korean leader Kim Jong Un has visited a newly opened defence museum displaying weapons developed under his leadership, including an intercontinental ballistic missile capable of reaching the United States.
Southeast Asian foreign ministers are set to discuss measures to tackle transboundary haze during preparatory meetings ahead of the ASEAN summit in November, as forest and land fires in Indonesia continue to affect air quality across the region, the Philippines said on Tuesday.
Ukrainian President Volodymyr Zelenskyy says Russia hit at least six energy targets in deadly strikes across Ukraine, showing Moscow is unwilling to accept the energy ceasefire announced by U.S. President Donald Trump.
Britain's Prime Minister Andy Burnham has said the United Kingdom believes Iran was likely behind an alleged plot connected to RAF Fairford, a military airbase in Gloucestershire in England that has played a role in U.S. operations against Iran, escalating tensions between London and Tehran.
Democratic Congresswoman Ilhan Omar has accused the Trump administration of using federal law enforcement for political purposes after authorities searched her Washington-area home as part of an ongoing criminal investigation.
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