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Gold was flat on Friday but was set for its biggest weekly jump in six months, as high US consumer prices drove interest in the metal as an inflation hedge.

Fundamentals strong text * Spot gold was steady at $1,860.81 per ounce by 0110 GMT, after leaping to a five-month peak on Wednesday. US gold futures edged down 0.1% to $1,862.20.

  • The metal is on track for its biggest weekly gain since May 7, rising 2.3% so far.

Spot gold may retest $1,776, bounce classified as pullback

  • Inflation pushed more broadly through the economy in October again challenging the Federal Reserve's outlook for only "transitory" price increases, offsetting recent wage hikes in a blow to consumers.

    • The sharp rise in inflation also prompted investors to boost bets that the Fed will raise interest rates sooner than expected.

    • Gold has benefited from easy monetary policy introduced to spur economic growth during the pandemic, but any hike in interest rates should reduce the non-interest bearing's metal's appeal as it raises its opportunity cost.

    • Euro zone inflation expectations are at a risk of continuing to overshoot the European Central Bank's 2% target next year, according to a Reuters poll of economists.

    • Britain's economic recovery from the coronavirus outbreak lagged behind that of other rich nations in the July-September period, according to official data on Thursday which underscored the interest rate dilemma facing the Bank of England.

    • The dollar index soared to its highest since July 2020, pressuring bullion by increasing its cost to buyers holding other currencies.

    • Spot silver rose 0.1% to $25.25 per ounce and was en route to its best week in three.

    • Platinum was little changed at $1,085.52 and was on course for its biggest weekly rise in a month. Palladium rose 0.2% to $2,063.60.

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