Gold heads for weekly loss as investors await US inflation data

Gold prices fell today amid a stronger dollar, heading for weekly losses as investors await US inflation data that could determine future monetary policy directions.

Spot gold fell 0.4% to $2,303.51 per ounce, posting a weekly loss of nearly 1.6%, while US gold futures fell 0.5% to $2,300.70 per ounce.

The dollar index rose 0.2%, making gold more expensive for holders of other currencies, increasing pressure on prices, according to Reuters.

The personal consumption expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation, is expected to be released at 12:30 GMT.

Analysts expect the data to show the index rising 2.2% in April, a slight slowdown from 2.3% in March.