WASHINGTON (dpa-AFX) - Gold ticked higher on Friday ahead of the release of key U.S. inflation data that could offer more cues on when the Federal Reserve will cut interest rates.
Spot gold rose 0.3 percent to $2,372.84 per ounce after falling to its lowest level in over two weeks on Thursday. U.S. gold futures were up 0.8 percent at $2,371.65.
The dollar steadied in European trade after data showed the U.S. economy expanded faster than expected and inflation slowed in the second quarter, suggesting a soft landing is in sight for the world's largest economy.
Markets have raised their expectations for three rate cuts by the end of the year, with some economists expecting the Fed's first rate cut to be extra-large.
The release of the PCE deflator, one of the Fed's preferred price gauges, later today may shed further lightly on the outlook for rates.
Elsewhere in Europe, Eurozone consumers' inflation expectations remained stable in July, the latest consumer expectations survey published by the European Central Bank showed.
Inflation expectations for the coming year was steady at 2.8 percent after having fallen in May to their lowest level since September 2021.
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