Gold Prices Decline, but Set for Weekly Gains

Gold prices declined on Friday, but are poised to record gains for the 3rd consecutive week, amid hopes that the US Federal Reserve will cut interest rates in September.Spot gold slipped 0.2% at $2,409.19 per ounce after rising 2% on Thursday. US gold futures eased 0.3% at $2,414.10.Data released on Thursday showed an unexpected decline in consumer prices in the United States, bolstering expectations of a US interest rate cut.Lower interest rates reduce the opportunity cost of holding non-yielding bullion.As for other precious metals, spot silver fell 0.8% to $31.18 per ounce, after scaling an over one-month high on Thursday. Platinum edged 0.1% lower at $1,003.25 and palladium dropped 1.3% to $982.44.Source: Qatar News Agency