The price of gold has fallen for the second consecutive week, with the latest inflation data in the United States reinforcing expectations that the Federal Reserve will not cut interest rates in the short term. The indicator favored by the Fed to measure the basic level of inflation in the United States rose moderately in June, while consumer spending remained healthy, which is an encouraging sign for officials who hope to cool inflation without harming the economy. Despite rising borrowing costs, the US economy is growing steadily and inflation is moderating, indicating that the Federal Reserve does not need to cut interest rates urgently. Gold prices have risen 16% so far this year, partly because of bets that the Fed will ease policy. Strong demand from central banks around the world has also supported prices, and ongoing geopolitical tensions and the chaotic US presidential election have increased the attractiveness of gold as a safe-haven asset. Spot gold rose 0.9% on Friday to $2,384.96 an ounce; spot silver fell 0.1% to $27.831 an ounce.