Gold climbed above $4,380 an ounce on Friday, reversing earlier losses and locking in a second consecutive weekly gain as investors weighed the path of US monetary policy. Recent CPI (Consumer Price Index) and PPI (Producer Price Index) readings indicated inflation pressures remained contained, suggesting higher energy prices tied to the Iran conflict had a milder effect in July and lowering expectations for a more aggressive Federal Reserve approach. Markets now price roughly a one-in-three chance of a rate hike in September, though upcoming employment data and comments from Fed Chair Kevin Warsh at the Jackson Hole symposium could shift that view. Gold also continued to draw support from geopolitical risk and strong central-bank demand, with China adding around 20 tonnes to its reserves in July for a 21st straight month of purchases.