A participant shows gold bars during the 21st edition of the international gold and jewellery exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. Photo by YASSER AL ZAYYAT/AFP via Getty Images

Gold headed for a second straight weekly gain that has pushed it closer to a record high, as investors awaited an inflation reading that may prove key to U.S. monetary easing this year.

Bullion traded in a narrow range around US$3,410 an ounce on Friday, after data on Thursday showed the U.S. economy expanded faster than expected. That raised concerns about inflation ahead of Friday’s U.S. personal consumption print, which is forecast to accelerate. That could limit the United States Federal Reserve ’s ability to cut interest rates.

Lower borrowing costs ten

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