Gold prices rose on Friday after US inflation data came in line with expectations, boosting market hopes that the Federal Reserve will continue its path of cutting interest rates at its upcoming meetings.
Spot gold was up 0.8% at $3,778 an ounce , while U.S. futures for December delivery closed at $3,809 , giving the precious metal a weekly gain of nearly 2.5%.
The CME FedWatch indicator shows that markets are pricing in an over 80% probability of an October rate cut, amid close monitoring of Fed officials' statements for additional signals.
Alongside gold, silver rose to its highest level in 14 years, and platinum and palladium also climbed strongly, supported by industrial demand and investors' shift towards more affordable alternatives.
Analysts believe that gold remains the biggest beneficiary of interest rate cut expectations, as it is a safe haven that protects wealth during periods of economic uncertainty.
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