Gold trims losses

NEW YORK: Gold prices pared losses on Friday after slightly softer-than-expected US inflation data reinforced expectations that the Federal Reserve will cut interest rates next week, but the metal was still set for its first weekly loss in ten weeks.

Spot gold was steady at USD4,124.89 per ounce by 10:35 a.m. ET (1435 GMT), after falling nearly 2 percent earlier in the session. The price is down 2.9 percent for the week. US gold futures for December delivery fell 0.1 percent to USD4,140.90 per ounce.

“Gold and silver jump as September core CPI comes in lower than expectations but it’s likely insufficient to entirely blunt this week’s sell-off.