- Gold heads for a second weekly loss
- US PCE data due at 1230 GMT
- Platinum hits a near 11-year high
June 27 (Reuters) - Gold declined on Friday and was headed for a second straight weekly loss, as the Israel-Iran ceasefire deal and progress on a U.S.-China trade agreement dampened safe-haven demand, while investors awaited the U.S. inflation data.
Spot gold slipped 1.2% to $3,288.55 per ounce as of 0643 GMT. Bullion has lost 2.3% this week.
U.S. gold futures fell 1.4% to $3,300.40.
"The market is looking quite optimistic for the risky assets, so that's weighing on gold prices," said ANZ Commodity Strategist Soni Kumari.
De-escalation in the Middle East after the ceasefire and the progress in U.S.-China trade talks are diminishing uncertainty from the market, sending prices further down, Kumari added.
Iranians and Israelis have welcomed a return to normal life after 12 days of the most intense confrontation ever between the countries and a ceasefire that took effect on Tuesday.
Meanwhile, the U.S. has reached an agreement with China on how to expedite rare earth shipments to the U.S., a White House official said on Thursday, amid efforts to end a trade war between the world's two biggest economies.
Investors are awaiting the U.S. Core Personal Consumption Expenditure data at 1230 GMT for further insight into the Federal Reserve's policy path, with analysts polled by Reuters forecasting a 0.1% monthly increase and a 2.6% annual rise.
Markets are currently pricing in a 63-basis-point rate cut this year, starting September.
U.S. President Donald Trump says that tame inflation means the Fed should already be reducing its policy rate, but only two Fed policymakers to date have embraced the possibility of a rate cut at the central bank's July meeting.
Spot silver fell 0.5% to $36.44 per ounce and platinum lost 2.8% to $1,378.18, after hitting its highest in nearly 11 years. Palladium gained 0.3% to $1,135.36, the highest since October 2024.
Reporting by Anushree Mukherjee and Anmol Choubey in Bengaluru; Editing by Sumana Nandy, Alan Barona and Rashmi Aich
Source: Reuters