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Spot gold rose 1.6% to $4,385.14 per ounce by 9:23 a.m. EDT (1323 GMT). However, the metal was down about 1% for the week so far. "Gold is recovering rapidly after a brief dip, as CPI data may be cementing expectations of a Fed rate hike next week. The volatility is somewhat muted, as market had a hike 70% priced in," said Tai Wong, an independent metals trader. For live updates on US Markets, click here "Price action here suggests that gold is finding a short-term base after the recent retreat." U.S. gold futures gained 0.5% to $4,426.90. Prices fell nearly 2% on Thursday after the U.S. Producer Price Index data showed prices increased in line with expectations in August amid a rebound in the cost of energy products. The Consumer Price Index increased 0.4% last month after edging up 0.1% in July, the Labor Department's Bureau of Labor Statistics said on Friday. In the 12 months through August, consumer inflation advanced 3.4% after rising by the same margin in July. Oil prices fell on Friday, but remained on course for a weekly gain. [O/R] Higher oil prices stoke inflation fears and bolster expectations of the Fed raising interest rates. While gold is typically seen as an inflation hedge, higher interest rates diminish the appeal of non-yielding bullion. Meanwhile, traders are now pricing in a 85% chance of a rate hike at the central bank's policy meeting next week, up from 67% before the data, according to the CME FedWatch Tool. Elsewhere, gold demand in India was subdued this week as volatile prices discouraged buyers, while investment demand remained strong in top consumer China. [GOL/AS] Among other metals, spot silver rose 2.1% to $64.86 per ounce, but was down 2% for the week. Platinum climbed 1.5% to $1,803.94 and palladium gained 2.9% to $1,318.91. However, both metals were on track for a weekly loss. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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