Stock Market Tips, Gold prices set for biggest weekly gain in nearly two years
Gold prices held firm on Friday to remain on track for their biggest weekly percentage gain in nearly two years, buoyed by a weaker U.S. dollar and as investors looked to hedge against inflation.
* Spot gold was largely unchanged at $1,353.51 an ounce at 0125 GMT, after touching a three-week high of $1,357.08 the session before.
* The metal is up 2.7 percent so far this week, set for its strongest weekly performance since the week of April 29, 2016.
* U.S. gold futures climbed 0.1 percent to $1,356.2 per ounce.
* The dollar languished near a three-year low against a basket of currencies on Friday, heading for its biggest weekly loss in nine months, as a slew of bearish factors offset support for the U.S. currency from rising Treasury yields amid firming inflation.
* U.S. producer prices accelerated in January, boosted by strong gains in the cost of gasoline and health care, offering more evidence that inflation pressures are building up. The Labor Department said its producer price index for final demand rose 0.4 percent last month after being unchanged in December.
* In the second report on Thursday, the Labor Department said initial claims for state unemployment benefits increased by 7,000 to a seasonally adjusted 230,000 for the week ended Feb. 10.