Gold near 1-week low as investors await US inflation
Business
Gold prices are hanging out near a one-week low, after dropping almost 2% on Thursday.
Investors are waiting for the latest US inflation numbers, which could push the Federal Reserve to raise interest rates again.
Spot gold stayed steady at $4,318.88 per ounce, while US gold futures slipped 1.1% to $4,359.50.
US producer prices rose, ECB hikes
Inflation's sticking around: US producer prices rose 0.4% in August, more than July's 0.1%.
The European Central Bank also raised rates for the second time this year because of rising energy costs and hinted there might be more hikes ahead.
Since gold doesn't pay interest, higher rates usually make it less attractive; silver fell 0.1% and platinum steadied at $1,777.42.