Gold prices hovered near a five-week high on Friday and were set for a third straight week of gains, as U.S. inflation data released earlier this week revived expectations that the Federal Reserve might cut interest rates more than once this year.

Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,

Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as U.S. inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year.