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Investing.com--Gold prices edged higher Friday, but was set for minor weekly losses as strong U.S. economic data buoyed risk appetite, undermining demand for safe havens.
At 07:50 ET (11:50 GMT), spot gold edged 0.5% higher to $3,356.60 an ounce, and gold futures for September gained 0.5% to $3,363.30/oz.
Gold heads for mild weekly decline
Spot gold was trading down about 0.5% this week, after clocking mild gains for the past two weeks.
The yellow metal was pressured by stalling safe haven demand, as risk appetite was boosted by a swathe of positive U.S. corporate earnings and economic prints.
Stronger-than-expected retail sales data for June also highlighted resilience in the U.S. economy, while boosting the dollar on bets that the Fed will not need to cut rates later this month.
Waning rate cut bets were also furthered by sticky inflation data for June, putting the dollar on course for a 0.7% rise this week, its second straight week of gains.
Despite these weekly losses, demand from central banks is holding up.
Central banks added a net 20 tonnes to global gold reserves in May, an uptick from the previous month, however, it is still below the 12-month average of 27 tonnes, according to the latest data from the World Gold Council.
"We believe central banks are likely to continue to add gold to their reserves given the still-uncertain economic environment and the drive to diversify away from the U.S. dollar," analysts at ING said, in a note.
Broader metal prices were nursing a middling weekly performance, amid pressure from a stronger dollar.
Spot silver traded 1.2% higher at $38.750/oz, while benchmark copper futures on the London Metal Exchange rose 0.6% to $9,731.00 a ton, while COMEX copper futures rose 1.1% to 5.5740 a pound.
Platinum outperforms after clearing $1,400/oz
Spot platinum outpaced its precious metal peers this week, remaining at over decade highs as the white metal cleared a key resistance level.
Spot platinum traded around $1,489.70/oz, and was up over 5% this week.
The white metal cleared the $1,400/oz resistance level this week, which ANZ analysts said heralds more strength in the metal.
Platinum prices hit a 11-year high this week, as the metal continued to benefit from expectations of tighter supplies and improving demand. The metal, along with silver, have vastly outpaced gold so far in 2025, as relatively cheaper prices drove traders to pivot from bullion and into other precious metals.
Ambar Warrick contributed to this article
The yellow metal was also set for mild weekly losses, as investors grew increasingly convinced that the Federal Reserve will not cut interest rates any time soon. Uncertainty over President Donald Trump’s trade tariffs also drove only limited demand for safe havens.