Gold prices held steady on Friday, but were notched a weekly loss after hot inflation data trimmed rate-cut bets, while the market focus shifted to talks between U.S. President Donald Trump and his Russian counterpart Vladimir Putin.
Current and former employees of OpenAI are looking to sell nearly $6 billion worth of the ChatGPT maker’s shares to investors including SoftBank Group and Thrive Capital. The potential deal would value the company at $500 billion
The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth’s shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve’s next monetary policy move.
Oil prices climbed to a one-week high after U.S. President Donald Trump warned of “severe consequences” if his talks with Russian President Vladimir Putin on Ukraine fail, and on optimism that a likely U.S. interest rate cut next month could spur oil demand.
Gold prices fell as hotter-than-expected U.S. inflation data and a drop in jobless claims lifted the dollar and Treasury yields, trimming the odds of a supersized September rate cut.
The U.S. dollar rose across the board as data showed U.S. producer prices increased more than expected in July amid a surge in the costs of services and goods, suggesting a broader pickup in inflation in the months ahead.
