Gold Prices Decline Amid Stronger Dollar and Anticipation of US Inflation Data

Gold prices edged lower on Friday, poised for their largest weekly drop in over three months, influenced by a strengthening dollar. As of 0232 GMT, spot gold decreased by 0.1% to $2,874.69 an ounce, marking a 2% weekly decline, the first after eight weeks of gains. U.S. gold futures also fell by 0.3% to $2,886.80. The dollar index was set for a 0.7% weekly gain, increasing the cost of dollar-priced gold for international buyers. Investors are awaiting the release of the Personal Consumption Expenditures (PCE) data, the Federal Reserve's preferred inflation measure, at 1330 GMT.