Gold Set for Weekly Drop

Gold prices gained on Friday, but were on track for a weekly decline on easing concerns about the U.S. Federal Reserve’s independence and strong U.S. data, while platinum rose to a near 11-year high.Spot gold was up 0.3% at $3,349.49 U.S. per ounce, after falling 1.1% in the previous session. The bullion has declined 0.2% so far this week.U.S. gold futures eased 0.3% to $3,354.70.Earlier in the week, a source told Reuters U.S. President Donald Trump was open to firing Fed Chair Powell, but Trump later said he doesn’t plan to sack him even as he renewed his criticism over interest rate policy.Meanwhile, U.S, data showed that retail sales rose more than expected in June, while initial jobless claims were better than expected.Spot platinum rose 1% to $1,472.20 U.S. per ounce, its highest since August 2014.Palladium climbed 1.4% to $1,297.78 U.S., its highest since August 2023. Silver was flat at $38.12.