Gold prices edged lower in Asian trade on Friday, headed for their first weekly decline in 10 weeks, as investors locked in profits after recent record highs and awaited key U.S. inflation data due later in the day.

Spot gold was last down 0.4% at $4,109.55 an ounce by 01:35 ET (05:35 GMT), while U.S. Gold Futures fell 0.5% to $4,123.70.

Gold prices had slumped more than 5% on Tuesday after reaching an all-time high of $4,381.29/oz at the start of the week.

The metal was set to fall more than 3% this week after having rallied for nine straight weeks, driven by expectations of monetary easing and safe-haven demand amid geopolitical tensions.

The pullback reflected profit-taking after bullion hit all-time highs, as well as a shift in sentiment following signs of easing U.S.-China tensions.

US CPI data awaited; Trump-Xi meeting confirmed

The White House on Thursday confirmed that President Donald Trump will meet Chinese President Xi Jinping in South Korea next week, sparking hopes of a thaw in trade relations between the world’s two largest economies.

Traders also turned cautious ahead of the delayed release of the U.S. consumer price index (CPI) for September, a key indicator for the Federal Reserve’s policy outlook.

The data, postponed earlier this month due to an ongoing U.S. government shutdown, is seen as crucial in shaping expectations for the Fed’s meeting next week, where markets are pricing in a 25-basis-point rate cut.

A softer-than-expected CPI reading could reinforce bets on monetary easing and offer support to non-yielding gold, while a hotter print might bolster the dollar and Treasury yields, weighing on bullion prices.

The dollar held firm on Friday, set for a weekly rise, making gold more expensive for buyers holding other currencies. 

Despite the week’s losses, analysts said gold’s longer-term outlook remains supported by expectations of lower U.S. rates and persistent geopolitical uncertainty.

Metal markets weak; China’s new 5-yr plan in focus

Other precious and industrial metals were subdued on Friday amid broader caution.

Silver Futures dropped 1% to $48.13 per ounce, while Platinum Futures were steady at $1,594.60/oz.

Benchmark Copper Futures on the London Metal Exchange slipped 0.5% to $10,832.20 a ton, while U.S. Copper Futures gained 0.4% to $5.10 a pound.

China’s Communist Party unveiled a new five-year economic plan that emphasized advanced manufacturing, technological self-reliance, and stronger domestic demand.

The policy framework reinforced optimism that Beijing is committed to sustaining growth through structural reform and innovation.