Gold prices fall as investors watch Fed's preferred inflation metric

Gold bars

Gold prices fell on Friday as investors are anticipating the release of the Fed’s preferred inflation measure for April later today to assess the outlook for US monetary policy.

June gold futures fell by 0.75%, or $25.1, to $3,292 an ounce.

Spot gold prices dropped by 0.55%, or $18.15, to $3,299.79 an ounce at 8:39 AM Makkah time.

Meanwhile, the US dollar index, which measures the performance of the greenback against a basket of six major currencies, rose by 0.2% to 99.46 points.

July silver futures dropped by 0.9% to $33.13 an ounce, while spot palladium prices fell by around 0.65% to $972.20 an ounce, and spot platinum prices declined by 0.85% to $1,077 an ounce.

The core personal consumption expenditures (PCE) price index is expected to rise by 2.5% year-on-year in April, following a 2.6% increase in March.