Gold headed for a third consecutive quarterly gain the best run since a pandemic-blighted 2020 ahead of a US inflation print that will shed light on when the Federal Reserve can start pruning back interest rates.

Bullion for immediate delivery was steady near $2,323 an ounce after gaining more than 1% on Thursday, when lackluster US economic data added to signs of a downshift in growth over the first half. For the quarter, the commodity has risen more than 4%, setting a nominal daily record last month.

Traders were also set to focus on the first 2024 debate between President Joe Biden and former President Donald Trump in case their comments resulted in market swings.

Gold has advanced this year, with gains supported by expectations for easier policy from the Fed and sustained demand in Asia, where many of the region's currencies have weakened. Concerted purchasing by a swath of central banks has also supported the precious metal, offsetting the drag from net sales by bullion-backed exchange-traded funds.

The US figures later Friday are expected to show that the Fed's preferred gauge of underlying inflation slowed to an annualized rate of 2.6% last month, the lowest reading since March 2021. If confirmed, that may help the way for lower US rates, aiding bullion as it doesn't pay interest.

Spot gold was little changed at $2,323.48 an ounce at 8:52 a.m in Singapore, while the Bloomberg Dollar Spot Index headed for a narrow weekly climb. Silver traded near $29 an ounce, up 16% this quarter, while platinum and palladium both advanced.

Source : Bloomberg