Gold Prices Slip Amid Weakened Rate Hike Expectations

Gold prices are on track to post a weekly loss as investors lock in profits following mild U.S. inflation data, which weakened the case for a near-term Federal Reserve rate hike.

The non-yielding metal had climbed to its highest point since June 5 on Thursday before settling 1.3% lower, according to CNBC.

Spot gold was down 0.5% at $4,326.75 per ounce as of 0336 GMT, while U.S. gold futures for December delivery slid nearly 1% to $4,382.50.

Ilya Spivak, head of global macro at finance content network Tastylive, said there is some episodic and more speculative capital taking a bit of profit in gold because there's not a near-term catalyst quite so potent immediately in front of us.