Gold Rally Fades Amid Softer Inflation Data and Lower Rate Hike Expectations
The gold rally lost momentum this week as investors took profits following a rapid advance that pushed bullion above $4,400.
Spot gold fell 0.6% to $4,324.39 an ounce on Friday, while U.S. gold futures declined nearly 1% to $4,379.20, according to Reuters.
The decline came after softer US inflation data reduced expectations for a September Federal Reserve rate increase.
CME FedWatch showed the market-implied probability of a September rate increase at about 33%, down from 55% a week earlier.