Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance.
Gold and silver prices retreated on Friday from record highs, but were positioned for weekly gains on growing anticipation of another bumper U.S. interest rate cut this year, as markets awaited a key inflation report for additional guidance.
Spot gold held its ground at $2,673.21 per ounce, as of 0404 GMT, holding below previous session's record peak of $2,685.42. U.S. gold futures were steady at $2,695.80.
Spot silver fell 0.3% to $31.93 per ounce, after hitting a near 12-year peak of $32.71 in the previous session.
Silver prices surged due to bullion's strong performance and China's stimulus measures, though some analysts warn that the rally may fade due to concerns over industrial demand.
The Federal Reserve's larger-than-usual half-percentage-point reduction last week ignited a rally in gold, which hit consecutive record highs and has gained about 1.8% so far this week.
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