gold prices declined on friday looking to erase what had been a gain for the week even as signs of ebbing inflation in the us and europe in particular have helped boost precious metals prices this month on hopes central banks will moderate interest rate rises as a result gold prices traded higher for the month finding support since the release of the us june inflation data earlier this month showing that consumer prices increased at the slowest pace since august 2021 that provided a sign that inflation is waning more quickly than wall street economists and perhaps even the federal reserve had expected for the month prices based on the mostactive contract have climbed about 16 factset data show next week investors will learn more about how the latest data are impacting the feds plans for raising interest rates when chair jerome powell delivers his postmeeting press conference on wednesday bullion bulls have leapt in july on hopes that the feds next rate hike will be the last in this cycle said han tan chief market analyst at exinity group if the fed lends credence to market expectations for no further rate hikes after this month that may help bullion bulls reclaim the 2000 handle on gold however if the fed pours cold water on the notion that its rate hikes are coming toan end that could prompt bullion to unwind more of its recent gains and falter back into the lower1900s he told marketwatch against that backdrop the us dollar was trading higher on friday adding to the pressure on gold it was up 03 on the day at 10117 this content was created by marketwatch which is operated by dow jones  co marketwatch is published independently from dow jones newswires and the wall street journal