Bengaluru — Gold prices were muted on Friday, stuck in a tight trading range as the dollar extended gains from the previous session when strong US inflation data boosted demand for the greenback. Spot gold was down 0.1% at $1,245.61/oz, as of 3.47am GMT. For the week, the metal was down about 0.7%. US gold futures for August delivery were little changed at $1,246.10/oz. The dollar climbed to a six-month peak versus the yen on Friday and held firm near a 10-day high against a basket of currencies boosted by the expectation that US inflation will pick up, although concerns about an escalation in US-China trade tensions limited the greenback’s gains. US consumer price data on Thursday showed a steady buildup of inflation that could keep the Federal Reserve on a path of gradual interest rate increases. A stronger dollar and higher US rates reduce demand for non-interest bearing gold as the metal becomes more expensive for holders of other currencies. Elsewhere, the European Central Bank...
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