Amid a lackluster weekly performance, gold temporarily rebounds ahead of US inflation data

Gold prices rose today, supported by continued geopolitical concerns and trade tension between the United States and China, at a time when investors are awaiting key inflation data in the United States scheduled to be published later in the day to obtain more indications about the path of interest rates.

Gold in spot transactions increased 0.3 percent to $4,138.52 per ounce by 01:20 GMT.

However, the precious metal is on track to record its worst week since May, as it has declined by about 2.7 percent since the beginning of the week until now.

US gold futures for December delivery rose 0.2 percent to $4,152.30 an ounce.

On Wednesday, US President Donald Trump imposed sanctions related to the Ukraine war on the Russian oil companies Lukoil and Rosneft, in the harshest measures Washington has taken against Russian businesses during the war with Ukraine.

The White House said on Thursday that Trump will meet Chinese President Xi Jinping next week as part of a tour of Asia.

Investors almost fully expect a 25 basis point rate cut at the Federal Reserve meeting next week.

Gold usually tends to rise when interest rates are low because it reduces the opportunity cost of owning the precious metal, which does not generate returns.

As for other precious metals, silver in spot transactions fell 0.3 percent to $48.76 per ounce, platinum rose 0.6 percent to $1,635.59, and palladium fell 0.3 percent to $1,453.16.