by Polina Devitt
Reuters.com
LONDON, July 26 (Reuters) – Gold prices regained some ground on Friday after falling sharply in the previous session, ahead of key U.S. inflation data that could offer more cues on when interest rate cuts will start.
Spot gold rose 0.3% to $2,370.5 per ounce by 1110 GMT, but was down 1% so far this week. Prices had hit their lowest since July 9 on Thursday after stronger-than-expected U.S. economic growth data.
“That’s a bearish factor for gold prices, which tend to fare worse during times of economic strength when other assets perform more positively,” said Frank Watson, market analyst at Kinesis Money.