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Gold prices gained on Friday, but were on track for a weekly decline on easing concerns about the US Federal Reserve's independence and strong US data, while platinum rose to a near 11-year high.
Spot gold was up 0.3 per cent at $3,349.49 per ounce, as of 0834 GMT, after falling 1.1 per cent in the previous session. The bullion has declined 0.2 per cent so far this week.
US gold futures eased 0.3 per cent to $3,354.70.
The dollar is down 0.4 per cent for the day, but is headed for a second straight weekly rise. A stronger dollar tends to make gold expensive for buyers holding other currencies.
Earlier in the week, a source told Reuters US President Donald Trump was open to firing Fed Chair Powell, but Trump later said he doesn't plan to sack him even as he renewed his criticism over interest rate policy.
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Meanwhile, US data showed that retail sales rose more than expected in June, while initial jobless claims were better than expected.
"Market participants remain concerned about the independence of the Fed. For now, those risks have declined, and US economic data has remained solid, capping the upside for gold," said UBS commodity analyst Giovanni Staunovo.
"But at the same time, Trump wants to see the Fed cutting rates aggressively... This is putting a floor under the market."
Bullion is viewed as a safe-haven asset during times of uncertainty and performs well in a low-interest rate environment.
"While gold might struggle near-term without a new, specific policy shock, its underlying uptrend remains firmly in place, supported by central bank buying and, increasingly, real money demand for allocated bullion," said Adrian Ash, head of research at online marketplace BullionVault.
"In precious metals, the carnival has moved on from safe-haven gold to silver, platinum and palladium as pro-growth, industrial alternatives."Spot platinum rose 1 per cent to $1,472.20 per ounce, its highest since August 2014. Palladium climbed 1.4 per cent to $1,297.78, its highest since August 2023. Silver was flat at $38.12.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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