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Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum.

Gold was on track for a weekly loss, even as prices firmed on Friday ahead of a key U.S. inflation reading that could offer more cues on when the Federal Reserve will cut interest rates.

Spot gold was up 0.2% at $2,369.99 per ounce, as of 0703 GMT, but has lost more than 1% for the week. U.S. gold futures climbed 0.6% to $2,368.30.

"Last week, prices scaled record highs on bets of a September U.S. rate cut. When prices rally in a short span, you see a correction, but we remain bullish on gold," said ANZ commodity strategist Soni Kumari.

The U.S. personal consumption expenditure data for June — the Federal Reserve's favored measure of inflation — is due at 1230 GMT.

Data on Thursday showed that the U.S. economy grew faster than expected in the second quarter, but inflation pressures subsided, leaving intact expectations of a September rate cut.

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