Despite lower-than-expected U.S. inflation data for the previous month, gold prices hovered close to one-month lows on Friday, with bullion continuing to trend toward finishing its worst week in seven as the U.S. dollar and bond yields remained robust.

Spot gold climbed by 0.1% to $1,913.95 per ounce meanwhile gold futures slipped 0.1% at $1,946.20.

Gold increased as high as 0.8% on Thursday as a result of data showing that the U.S. consumer price index (CPI) rose 3.2% on an annual basis, which was less than the 3.3% anticipated in a Reuters poll and increased speculation that the U.S. central bank will not likely raise interest rates again in 2023.

The cost of keeping non-yielding metal increases when interest rates rise, which puts pressure on gold prices by raising bond yields.

The price of spot silver increased by 0.2% to $22.72 an ounce, while the price of platinum increased by about 1% to $915.06. Nevertheless, both teams were headed for their fourth consecutive week slip.