WASHINGTON (dpa-AFX) - Gold traded nearly 1 percent higher on Friday but was set for a weekly loss due to anxiety over the future of Federal Reserve interest-rate cuts.
Spot gold rose about 1 percent to $2,662.55 per ounce in European trade but was set for a 2 percent weekly decline.
U.S. gold futures were up 0.9 percent at $2,687.79 as the dollar fell alongside yields amid ongoing Trump's tariff treats.
Gold is also seeing safe-haven demand today amid escalating geopolitical tensions in the Russia-Ukraine war.
Russia has launched a series of strikes on Ukraine's energy infrastructure, exacerbating the power crisis across the country.
Ukrainian President Volodymyr Zelenskiy has condemned Russia's actions as a 'despicable escalation,' highlighting the use of Cruise missiles with cluster munition.
Elsewhere, Israel and Hezbollah have accused each other of violating the ceasefire norms that came into effect this week.
On the data front, the eurozone's annual inflation rate rebounded further in November due to resilient energy prices, official data showed today, but the underlying trend remained in line with ECB targets.
Markets currently expect the European Central Bank to lower borrowing costs by at least another quarter of a point at its next meeting on Dec. 12, but some analysts expect a larger cut to stimulate growth.
ECB policymaker Francois Villeroy de Galhau said on Thursday the central bank should keep its options open for a bigger rate cut next month.
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