WASHINGTON (dpa-AFX) - Gold prices inched lower on Friday and the dollar index clung to gains as investors braced for U.S. consumer inflation data due out later in the day that could influence the Federal Reserve's rate-hike roadmap for fighting inflation.
Spot gold slipped 0.3 percent to $1,843.15 per ounce, while U.S. gold futures were down 0.4 percent at $1,845.25.
The annual rate of consumer price growth is expected to hold at 8.3 percent in May, while the annual rate of core consumer price growth is expected to slow to 5.9 percent from 6.2 percent.
A strong reading is likely to give the Federal Reserve more room to be aggressive. Expectations are that the Fed will hike by half a point for at least three more meetings before January.
Elsewhere, China's loan growth rebounded in May and inflation cooled, helping offset fresh concerns surrounding the mass testing announcements in Shanghai.
China said it will reimpose Covid-19 lockdowns in eight out of 16 of Shanghai's districts after the country's largest economic hub recorded a cluster outbreak of COVID-19.
Parts of Beijing have also reimposed some restrictions, raising fears of reduced demand from the world's largest crude importer.
China's factory-gate inflation rose an annual 6.4 percent last month, marking the weakest pace since March 2021, National Bureau of Statistics data showed. Consumer inflation added 2.1 percent, unchanged from April.
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