Bullion up 0.6 for the week so far
India gold discounts at 6month high
Platinum set for its worst week since November

Jan 17 Reuters Gold prices eased on Friday but were still headed for a third consecutive week of gains, as U.S. inflation data and dovish comments from a Federal Reserve official revived hopes the central bank might cut interest rates more than once this year.

Spot gold fell 0.3 to 2,706.71 per ounce as of 0941 GMT. Bullion has gained about 0.6 so far this week.

U.S. gold futures dropped 0.7 to 2,732.00.

Gold gained support this week, buoyed by weakerthanexpected U.S. economic data, including PPI and CPI figures, alongside dovish remarks from Federal Reserve policymakers, said Zain Vawda, market analyst at MarketPulse by OANDA.

Persistent uncertainties surrounding 2025 further bolstered the metal39;s appeal.

U.S. data released on Wednesday showed softerthanexpected core inflation, raising bets on a Fed rate cut, with rate futures traders pricing in nearly even odds of two cuts by yearend. Echoing this sentiment, Fed Governor Christopher Waller said three or four cuts could be possible if U.S. economic data weakens further.

Gold is considered an inflation hedge, while lower rates boost the nonyielding asset39;s allure.

As Presidentelect Donald Trump39;s Jan. 20 inauguration approaches, attention is also centred on his policies, which could stimulate inflation. He has pledged to impose trade tariffs.

While upside risk to inflation increases…