Gold heads for second weekly loss, investors eye US inflation data

GOLD prices fell on Friday, poised for a second consecutive weekly loss as a slight uptick in the dollar pressured bullion while markets awaited US inflation data for signals on Federal Reserve rate policy.

Spot gold was down 0.4 per cent at US$3,314.27 per ounce, as of 0051 GMT. Bullion was down 1.6 per cent so far this week.

US gold futures fell 0.6 per cent to US$3,327.

Spot silver was steady at US$36.59 per ounce, platinum firmed 0.6 per cent to US$1,426.19, while palladium gained 3.2 per cent at US$1,167.64. All three metals were headed for weekly gain.