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

Gold prices firmed on Friday ahead of an important U.S. inflation reading that could provide insight into the Federal Reserve’s plans to cut interest rates. Spot gold rose 0.2% to $2,369.99 per ounce, while U.S. gold futures climbed 0.6% to $2,368.30. A correction occurred after record highs were reached last week on predictions of a September U.S. rate cut. However, ANZ commodity strategist Soni Kumari remains bullish on gold. The U.S. personal consumption expenditure data for June, which is due later, will impact the decision to cut rates.