Gold and Silver Prices Fall on Profit-Taking

Gold prices fell on Friday and were headed for a weekly loss as investors took profits following a recent rally driven by softer-than-expected U.S. inflation data.

Spot gold was down 0.5% at $4,326.75 per ounce as of 0336 GMT, while U.S. gold futures for December delivery fell nearly 1% to $4,382.50 an ounce.

Spot silver slipped 0.4% to $64.17 per ounce.

Gold touched its highest level since June 5 on Thursday before closing 1.3% lower.

Weaker U.S. labour market and inflation data have reduced expectations of a near-term interest rate increase by the Federal Reserve. Markets now price in a 35% chance of a rate hike in September, down from about 55% a week earlier.

N.Tebrizli