Gold and silver prices retreated on Friday from record highs but still notched weekly gains, fueled by hopes for a second major rate cut from the Fed. This followed inflation data showing price pressures under control.
U.S. PCE income, spending, and price figures were mixed—income and spending were weaker than forecast, but the decline in inflation was lower in both headline and core measures.
Markets viewed the data as favorable for a rate cut at the Fed's November meeting, with the possibility of another cut in December.
The Comex December gold futures contract settled at $2,680.80 an ounce, down $14.30, or 0.53%.
Despite the dip, gold still recorded a weekly gain of $33.70, or 1.27%.
Gold edged back up to $2,680 an ounce in after-hours trading, though it remained well below Thursday’s record close of $2,694.90 an ounce.
Comex October gold ended down more than $20 an ounce at $2,649.90.
Comex December silver fell 1.35% to $31.195 per ounce, after reaching a nearly 12-year peak of $32.965 in the previous session. Silver added 1.33% for the week.
Comex copper finished at $4.59 a pound, down 1% on the day but more than 5% higher over the week due to stimulus news from China.
