Gold tallies best week since April as dollar drops to lowest in more than a year

Gold finished flat Friday but scored its biggest weekly gain since April, as economic data this week offered the most convincing evidence yet that inflation in the U.S. is starting to ease, prompting a bit of optimism that the Federal Reserve could soon end its interest rate hikes.

The June data showed consumer prices rose by 0.2%, the smallest increase since August 2021, and wholesale prices edged up by just 0.1%, which weighed on the dollar, as the ICE U.S. Dollar Index fell more than 2% this week after falling Thursday to its lowest since April 2022.