Gold gains as dollar weakens; still on track for fourth straight weekly loss

Spot gold rose 1.3 percent to 4,077.64 dollars per ounce, with US gold futures settling 1.2 percent higher at 4,096.30 dollars, as the dollar weakened after the Fed's preferred PCE inflation gauge came in at 4.1 percent year-on-year for May. Despite the daily rebound, gold is headed for a fourth straight weekly loss, down 2.1 percent for the week, with traders pricing in about a 59 percent chance of a US rate hike in September. In India, gold started trading at a premium for the first time in about a month and a half as price correction lifted buying, while silver, platinum, and palladium also posted gains on the day but remained negative for the week.