Gold inches up but on track for weekly fall

Spot gold rises 0.2%, helped by a pullback in the US dollar and treasury yields

Picture: 123RF/PHAWAT KHOMMAI/FILE PHOTO— Gold prices ticked higher on Friday, helped by a pullback in the US dollar and treasury yields, though growing anticipation of another oversized US Federal Reserve interest rate hike kept the bullion on track for a weekly decline.US gold futures inched 0.1% down at $1,666.80.

“Gold is stuck between not seeing a pivot any time soon but there is a light at the end of the tunnel here in the sense that the Fed might pause,” said Stephen Innes, managing partner at SPI Asset Management. Data released on Thursday showed US consumer prices increased more than expected in September, as rents surged by the most since 1990 and the cost of food also rose, with core consumer price index jumping 6.6% on an annual basis.

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