Gold heads for first weekly loss in 10 weeks

Gold bars

Gold prices declined on Friday, heading for their first weekly drop in 10 weeks, as investors await the upcoming US inflation report due later today.

December gold futures fell 0.4% to $4,128.20 per ounce, extending weekly losses to nearly 3%, marking the steepest weekly decline since mid-May.

Spot gold slipped 0.3% to $4,114.71 per ounce, while silver dropped 0.5% to $48.66 per ounce.

Meanwhile, the US dollar index, which tracks the greenback against a basket of six major currencies, edged up 0.1% to 99.05 points as of 08:20 a.m. Makkah time.

December silver futures also fell 1% to $48.20 per ounce. Spot platinum rose 0.2% to $1,632.87, while palladium dropped 0.7% to $1,436.84 per ounce.

Investor focus remains on the upcoming US Consumer Price Index (CPI) report, which is expected to show that annual inflation accelerated to 3.1% in September, up from 2.9% in August.