Doha: Gold prices fell on Friday, heading for weekly losses, after higher-than-expected US inflation data reduced expectations for a major interest rate cut in September. Spot gold slipped 0.1% to $3,333.58 per ounce, down about 1.9% so far this week. US gold futures for December delivery also fell 0.1% to $3,378.90.

According to Qatar News Agency, data from the US Labor Department showed the Producer Price Index rose 3.3% year-on-year in July, beating expectations for a 2.5% gain, while weekly jobless claims stood at 224,000, below forecasts of 228,000. Meanwhile, US consumer prices rose slightly in July, keeping alive expectations that the Federal Reserve could cut interest rates next month.

Among other precious metals, spot silver edged up 0.2% to $37.89 per ounce, while platinum fell 0.3% to $1,351.78 and palladium dropped 0.4% to $1,140.69.