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Gold futures settled higher on Friday as the dollar turned weak after data on personal consumption expenditure indicated a slowdown in U.S. inflation.
The data has helped ease concerns about the outlook for interest rates, and raised hopes the Fed will end its tightening cycle soon.
The dollar index dropped to 101.36, and despite regaining some lost ground, remains weak at 101.60, trailing previous close by about 0.17%.
Gold futures for August ended higher by $14.70 or about 0.8% at $1,960.40 an ounce. Gold futures shed about 0.3% in the week.
Silver futures for September closed higher by $0.128 or about 0.5% at $24.495 an ounce, while Copper futures for September settled at $3.9265 per pound, gaining $0.510 or about 1.3%.
Data released by the Commerce Department showed personal income rose by 0.3% in June after climbing by an upwardly revised 0.5% in May. Economists had expected personal income to increase by 0.5% compared to the 0.4% advance originally reported for the previous month.
Meanwhile, personal spending climbed by 0.5% in June after inching up by an upwardly revised 0.2% in May. Economists had expected personal spending to rise by 0.4% compared to the 0.1% uptick originally reported for the previous month.
Core PCE prices, which exclude food and energy, went up by 0.2% month-over-month in June 2023, easing from a 0.3% increase in May. The annual rate, the Federal Reserve’s preferred gauge to measure inflation, rose by 4.1%, the lowest since September 2021.
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