Gold prices slipped in early trading on a firmer dollar, but remain on track for a weekly gain after a lower-than-expected U.S. inflation print reinforced expectations of further rate cuts.
New York futures fell 0.2% to $4,355.70 a troy ounce, though they are up 0.6% on the week. The U.S. dollar index rose 0.2% to 98.64.
“Traders are now assigning a roughly 25% chance of a reduction in January and almost fully pricing one by April,” ANZ analysts said.
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