WASHINGTON (dpa-AFX) - Gold prices were little changed on Friday after rising in the previous session amid bets that the U.S. Federal Reserve will start cutting interest rates at its September meeting.
Spot gold was little changed at $2,328.23 per ounce while U.S. gold futures were up 0.1 percent at $2,338.50.
The dollar edged higher in early European trade as investors eagerly await the release of closely watched U.S. inflation data later in the day that may shed additional clues on the interest-rate outlook.
The Commerce Department's report on personal income and spending for May includes readings on inflation said to be preferred by the Federal Reserve.
Analysts expect a modest slowdown in the annual rate of consumer price growth to 2.6 percent last month from 2.8 percent, driven by falling gas prices and more deflation in consumer goods.
That's the lowest reading since March 2021 but remains above the Fed's 2 percent target.
Federal Reserve Bank of Atlanta President Raphael Bostic said Thursday he continues to expect one interest rate cut this year in the fourth quarter as inflation shows progress. His projection echoes that of the Federal Open Market Committee.
Meanwhile, the British economy recovered more than initially estimated in the first quarter, while France's consumer price inflation eased in June to the lowest level in nearly three years, separate set to data showed earlier today.
According to a survey by the European Central Bank (ECB), consumers in the eurozone have lowered their inflation expectations for the next twelve months.
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