gold prices inched lower on friday although futures were still on track for their best week since march after a batch of encouraging us inflation data helped drag the dollar to its lowest level in more than a year   gold futures for august delivery gc00 gcq23 shed 3 or 02 to 1961 per ounce on comex   silver futures for september si00 siu23 gained 6 cents or 02 to 25 per ounce   palladium futures for september pau23 fell by 2080 or 16 to 1271 per ounce while platinum futures for october plv23 fell by 230 or 2 to 981 per ounce   september copper hgu23 fell by 1 cent or 04 to 393 per pound gold prices are on track to finish this week at their highest levels since midjune as wednesday’s june consumer price index inflation report and thursday’s june producer price index report offered the most convincing evidence yet that inflation in the us is waning wane the data showed consumer prices rose by 02 last month the smallest increase since august 2021 wholesale prices rose a meek 01 in june and no longer appear to be going up “gold has stalled around 1960 after surging in the aftermath of the us inflation data earlier this week the yellow metal had already pulled off its lows at this point in anticipation of a friendly report but what it got was so much more” said craig erlam senior market analyst at oanda the inflation data helped weigh on the us dollar which added to the tailwinds for gold since a weaker dollar makes gold which is priced in dollars less expensive for buyers using other currencies the ice us dollar index dxy  a gauge of the dollar against its main rivals rose 01 at 998