Gold headed for a consecutive weekly gain that’s pushed it closer to a record high, as investors braced for an inflation reading that may prove key to US monetary easing this year.
Bullion was steady early Friday in Asia at around $3,415 an ounce, after data on Thursday showed the US economy expanded faster than expected. The figures raised concerns about inflation ahead of Friday’s US personal consumption print, which is forecast to accelerate. That could limit the Federal Reserve’s ability to cut rates — a scenario that would typically pose a headwind for gold, as it doesn’t pay interest.