Reuters

Gold heads for best week in 6 mths as inflation fears balloon

Gold prices eased on Friday due to a firmer dollar but were on track for their biggest weekly gain in six months as concerns over soaring U.S. consumer prices boosted the metal’s appeal as an inflation hedge. But the metal is still on track for its biggest weekly gain since May 7, after U.S. consumer prices recorded their sharpest jump in over 30 years last month. “Until supply chains open up, there’s going to be continued price pressure and this should support gold,” said Stephen Innes, managing partner at SPI Asset Management.