Gold eases but on track for second straight monthly gain

Gold prices fell on Friday but were on track for a second straight monthly gain as expectations of a Federal Reserve rate cut next month mounted, while traders awaited U.S. inflation data.

Spot gold fell 0.3 percent to $2,513.70 an ounce, but was on track for a gain of about 3 percent this month.

U.S. gold futures fell 0.5 percent to $2,547.10 an ounce.

In other precious metals, spot silver was flat at $29.44 an ounce, while palladium rose 0.1 percent to $981. Both metals were on track for monthly gains.

Platinum rose 0.8 percent to $945.10, on track for its third straight monthly loss.