WASHINGTON (dpa-AFX) - Gold prices dipped on Friday but were on track for a third straight week of gains on revived hopes of rate cuts.
Spot gold dipped 0.3 percent to $2,706.58 per ounce in European trade while U.S. gold futures were down 0.6 percent at $2,733.69.
The U.S. dollar edged higher today but was on course for a weekly loss after data showed cooling inflation.
Bond yields continue to ease, with Bund yields across the euro area seem set for their first weekly drop since early December 2024 following signals from a Federal Reserve official of potential interest rate cuts.
Federal Reserve Governor Christopher Waller told CNBC on Thursday that the U.S. central bank could lower interest rates multiple times this year if inflation continues to ease as expected.
He sees three or four quarter-percentage-point rate reductions this year 'if the data cooperates.' If the data doesn't cooperate, then you're going to be back to two and going maybe even one, he said.
In Europe, ECB Governing Council member Yannis Stournaras said on Thursday that 'policy should continue with a series of rate cuts at the next meetings.' Traders expect a 100-basis point cut from ECB this year.
Elsewhere in the U.K., weaker-than-expected retail sales data added to expectations for a Bank of England interest rate cut next month.
The latest Eurozone inflation report is due later in the day after major European economies published their consumer prices data earlier in the week.
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