Gold set for second weekly loss; US inflation data in focus
Spot gold slipped 1.2 percent to $3,288.55 per ounce as of 9:43 a.m. Saudi time. Bullion has lost 2.3 percent this week.
US gold futures fell 1.4 percent to $3,300.40.
'The market is looking quite optimistic for the risky assets, so that's weighing on gold prices,' said ANZ Commodity Strategist Soni Kumari.
De-escalation in the Middle East after the ceasefire and the progress in US-China trade talks are diminishing uncertainty from the market, sending prices further down, Kumari added.
Iranians and Israelis have welcomed a return to normal life after 12 days of the most intense confrontation ever between the countries and a ceasefire that took effect on Tuesday.
Meanwhile, the US has reached an agreement with China on how to expedite rare earth shipments to the US, a White House official said on Thursday, amid efforts to end a trade war between the world's two biggest economies.
Investors are awaiting the US Core Personal Consumption Expenditure data at 3:30 p.m. Saudi time for further insight into the Federal Reserve's policy path, with analysts polled by Reuters forecasting a 0.1 percent monthly increase and a 2.6 percent annual rise.
Markets are currently pricing in a 63-basis-point rate cut this year, starting September.
US President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but only two Fed policymakers to date have embraced the possibility of a rate cut at the central bank's July meeting.
Spot silver fell 0.5 percent to $36.44 per ounce and platinum lost 2.8 percent to $1,378.18, after hitting its highest in nearly 11 years. Palladium gained 0.3 percent to $1,135.36, the highest since October 2024.
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