Gold on track for first weekly rise in five ahead of US inflation data
London/Bengaluru — Gold was on track for its first weekly rise in five weeks on Friday ahead of US inflation data later in the day that could give clues on the pace of US interest rate rises. Bullion bumped up against strong technical resistance after the dollar and US bond yields fell this week, helping the metal rise to its highest since September 26. "We’ve had a good run, and traders are happy to book some profits ahead of $1,300 considering the strong level of resistance," Saxo Bank analyst Ole Hansen said. Spot gold was flat at $1,293.81 an ounce at 10am GMT after touching a high of $1,298.32. It was set for a weekly gain of 1.5%. Fibonacci resistance and the 50-day moving average came in at around $1,298. "A close above the psychological $1,300 level would be required for the yellow metal to make a push higher," MKS PAMP trader Tim Brown said in a note. US gold futures for December delivery were flat at $1,296 an ounce. US consumer price inflation data was due at 12.30pm GMT,...
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