Gold Stages Moderate Recovery, Still Poised for Third Consecutive Weekly Decline

The price of gold rose by approximately 0.8% to $4,351 on Friday after Thursday's nearly 2% decline.

Despite this recovery, gold remains poised to record a third consecutive weekly decline due to persistent inflation readings and increasing expectations of an interest rate hike next week from the Federal Reserve.

August's producer price data showed a 0.4% increase, intensifying inflation concerns, while physically backed gold exchange-traded funds (ETFs) recorded $18 billion in net purchases during August, marking the second-highest monthly figure ever.