Gold Set for Weekly Drop as Traders Weigh Fed Signals
Spot gold was up 0.1% at $4,175.34 an ounce and down 0.4% for the week, as traders weighed the prospect of further Fed rate hikes after hotter-than-expected US inflation data.
Gold was on track for a weekly decline as traders considered the possibility of additional Federal Reserve rate increases this year, following a series of US inflation readings that came in hotter than expected. Spot gold TVC:GOLD rose 0.1% to $4,175.34 per ounce by 9:44 EDT (1344 GMT). It was down 0.4% so far in the…