Gold rises ahead of U.S. inflation data, set for weekly loss

Gold prices were set for a weekly loss despite rising on Friday ahead of a key U.S. inflation reading that could provide further clues on when the Federal Reserve will cut interest rates.

Spot gold was up 0.4 percent at $2,374.14 an ounce by 0235 GMT, but was down 1 percent on the week. U.S. gold futures jumped 0.7 percent to $2,371.00.

“The precious metal is currently in a period of breathing space before prices start to rise in the fourth quarter of this year,” said Sugandha Sachdeva, founder of New Delhi-based SS Wealth Street Research, according to Reuters.