Gold prices dipped on Friday after climbing more than 1% in the previous session, although hopes of a likely pause on interest rate hikes by the U.S. central bank kept bullion on track for a weekly gain.
Spot gold fell 0.2% to $1,963.41 per ounce by 05:15 GMT, but headed for a 0.8% weekly rise.
Focus now shifts to the U.S. consumer inflation report for May, due on June 13, ahead of the Fed meeting, which will provide investors more clarity about the health of the world's largest economy.
Markets are pricing in a 76% chance of the Fed standing pat next week, after having raised at every meeting since March 2022.
Platinum rose 0.3% higher to $1,013.53 and was set to post a weekly gain after two weeks.
Persons:
Tim Waterer, Kunal Shah
Organizations:
U.S, U.S . Federal Reserve, KCM, Monetary Fund, U.S . Fed, Nirmal, Commodities
Locations:
U.S, Mumbai