Gold Prices Plunge: Weekly Losses Near Two-Month High

Gold prices experienced a significant drop on Friday, putting them on track for the sharpest weekly decline in nearly two months as traders hesitated before a crucial US inflation reading. This follows oil prices edging lower for the second consecutive week, as anticipation of another OPEC+ output increase weighs on market sentiment. 2% weekly losses are expected with investors awaiting the US personal consumption expenditures price index, a key metric reflecting the Fed’s inflation stance.