Gold Heads for Fourth Consecutive Weekly Gain

Gold prices rose on Friday, marking a potential fourth consecutive weekly gain. This surge is fueled by U.S. data supporting expectations that the Federal Reserve may lower interest rates next week.

In the spot market, gold increased by 0.1% to $3637.06 per ounce as of 0059 GMT. Since the start of the week, the precious metal has climbed by 1.4%.

U.S. gold futures for December delivery remained steady at $3674.20. Consumer prices in the U.S. rose at the fastest monthly rate in seven months, driven by higher housing and food costs.

Surprisingly, data on Wednesday showed a decrease in U.S. producer prices in August. Meanwhile, silver dropped by 0.2% in spot transactions, reaching $41.48 per ounce.

Platinum prices held firm at $1378.40, while palladium also remained unchanged at $1188.34. All three precious metals are on course for gains this week.