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Gold prices stabilized on Friday after suffering a sharp decline in the previous session, as hotter U.S. inflation data, surging oil prices and rising Treasury yields strengthened expectations that the Federal Reserve could raise interest rates next week.
Spot gold, or XAU/USD, rose 0.1% to $4,322.69 an ounce at 20:37 ET (00:37 GMT), while gold futures fell 1% to $4,362.87. Silver was little changed at $63.57 an ounce, while platinum also traded flat. The U.S. Dollar Index held near 99.07.
Gold remains on course for a third consecutive weekly decline after tumbling 1.8% on Thursday, marking its steepest daily loss in recent weeks.
Pressure intensified after U.S. producer price index data showed prices increased 0.4% in August, the strongest monthly rise since May. The hotter PPI reading raised concerns that persistent inflation could encourage the Federal Reserve to maintain a restrictive monetary policy stance or deliver another rate hike at its September 14-15 meeting.
Rising energy costs are adding to inflation concerns. Brent crude climbed close to $108 per barrel as the conflict between the United States and Iran continued to disrupt energy markets. Recent hostilities have included U.S. strikes on Iranian oil tankers, Iranian missile attacks on a Jordanian airbase and Houthi attacks on Saudi infrastructure.
Markets are now pricing in roughly a 70% probability of a Fed rate hike this month. Higher interest rates and Treasury yields typically weigh on non-yielding assets such as gold, while a stronger U.S. dollar can make bullion more expensive for overseas buyers.
Despite near-term pressure, investment demand remains strong. The World Gold Council reported that physically backed gold ETFs attracted $18 billion in August, the second-largest monthly inflow on record. Holdings increased by 121 tonnes to a record 4,189 tonnes, while assets under management climbed 16% to $615 billion.
Gold gained 13% in August, its third-best monthly performance in 25 years. IG analyst Tony Sycamore said gold needs to reclaim its 200-day moving average near $4,537 to signal the correction from $4,697 is ending. Otherwise, prices could fall toward $4,200.
