June 28 - Gold prices steadied on Friday and were headed for a third straight quarterly gain after a key U.S. inflation report was broadly in line with expectations, boosting hopes that the Federal Reserve could cut interest rates by September.
Gold was also supported by a decline in the U.S. Treasury yields, which makes the non-yielding bullion more attractive for investors. The PCE followed an unrevised 0.3% gain in April data last month, while consumer spending rose moderately. San Francisco Federal Reserve Bank President Mary Daly - also a member of the 2024 Federal Open Market Committee - said the latest inflation data was"good news that policy is working".
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