"Gold price edges higher as US inflation data shows signs of cooling"

" Gold price edges higher as US inflation data shows signs of cooling \r\n\r\n \r\n \r\n \r\n \r\n \r\n\r\nGold prices edged up on Friday ahead of a long holiday weekend as the latest US inflation data showed signs of cooling, but not enough to erase concerns of more Federal Reserve rate hikes.\r\n\r\nSpot gold rose 0.6% to $1,802.33 per ounce by 11:50 a.m. ET, representing a weekly gain of roughly the same percentage point. The precious metal is coming off its\u00a0 worst week in a month after more hawkish messaging from the Fed. US gold futures were up 0.8% to $1,810.30 per ounce.\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n\r\nNew inflation data showed that US consumer spending, which accounts for more than two-thirds of the nation\u2019s economic activity, edged up 0.1% in November after climbing 0.4% in October, while inflation cooled further.\r\n\r\n\u201cWith inflation close to being in line with expectations, gold prices were higher on fresh speculative buying ahead of the new year on bets that the bigger funds might move to the long side of gold at the beginning of the year,\u201d Jim Wyckoff, senior analyst at Kitco Metals,\u00a0 told\u00a0 Reuters .\r\n\r\nBullion\u00a0 dipped over 1% \u00a0on Thursday after the latest US GDP data highlighted the country\u2019s economy rebounded faster than previously estimated, potentially setting the Fed on a keener path to fight inflation.\r\n\r\nGold prices are on track for a second consecutive yearly decline, falling nearly 2%, with prices down more than $250 since March highs as central banks hiked interest rates to tame inflation.\r\n\r\nHowever, \u201cyou\u2019re going to see a better demand picture for the metals in 2023. Inflation could still be problematic, but central banks are going to, around mid-year, start to let off the gas and that\u2019s going to be supportive for the metals markets,\u201d Wyckoff noted.\r\n\r\nMarkets also kept a close tab on rising covid-19 cases in top gold consumer China, which could have an impact on physical demand.\r\n\r\n \r\n \r\n \r\n "

"Gold price edges higher as US inflation data shows signs of cooling"

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