Damascus: Gold prices edged higher on Friday, on track for a fourth consecutive weekly gain, supported by growing expectations of a US Federal Reserve interest rate cut at its meeting next week. Spot gold rose 0.1% to $3,637.06 per ounce, up 1.4% so far this week. US gold futures for December delivery settled at $3,674.20.

According to Qatar News Agency, the performance came amid mixed US economic indicators. Recent data showed consumer prices rose 0.4% in August, the highest monthly increase in seven months, driven by higher housing and food costs. Conversely, producer prices unexpectedly fell during the same month, while weekly jobless claims rose, pointing to continued weakness in the labor market.

The Federal Reserve is scheduled to meet on September 17, with markets widely expecting a possible rate cut to support the economy amid slowing growth. Gold hit a record high of $3,673.95 on Tuesday, as safe-haven demand increased in a low-interest-rate environment.

As for other precious metals, spot silver fell 0.2% to $41.48 per ounce, while platinum held steady at $1,378.40 and palladium at $1,188.34.