Silver, platinum head for weekly losses
Palladium up over 4 for the week
US CPI, PPI due next week

Aug 9 Reuters Gold prices were subdued on Friday and headed for a weekly decline, while investors awaited further cues to gauge the size of a potential U.S. interest rate cut in September.

Spot gold was down 0.2 to 2,420.88 per ounce, as of 0653 GMT, after rising more than 1 on Thursday.

Bullion was on track for its biggest weekly decline since June 7. Prices fell as much as 3 on Monday after investors liquidated positions in tandem with a broader equities selloff.

U.S. gold futures dipped 0.1 to 2,460.10.

Price activity for gold has been relatively steady today with investors taking a breather after a rollercoaster week, said Tim Waterer, chief market analyst, KCM Trade.

Federal Reserve policymakers believe cooling inflation will enable rate cuts, guided by economic data and not from stockmarket turmoil.

Fundamentally speaking, gold is poised to benefit from either increased risk aversion or from expectations of looser monetary conditions. There are multiple scenarios, which could play out in coming months, which could drive the gold price to fresh alltime highs, Waterer said.

Markets see a 55 chance of a 50basispoint cut in September, according to the CME FedWatch Tool, with an additional cut anticipated in December.

Meanwhile, data on Thursday showed U.S. jobless claims fell more than expected last week, suggesting fears the labour market is unravelling…