Gold Prices Plummet as Inflation Data Looms

Gold prices fell to a one-week low on Friday as investors reassessed their outlook for U.S. interest rates ahead of key inflation data due later in the day.

The decline followed a nearly 2% drop in gold prices on Thursday after producer price index data showed a rise, adding uncertainty over the path of monetary policy.

Investors are now awaiting consumer price index data for further signals on inflation and the direction of interest rates.

The current spot gold price is $4,318.88 an ounce, while U.S. gold futures for December delivery fell 1.1% to $4,359.50 an ounce.