Gold rose above $4,380 an ounce on Friday, recovering from earlier losses and securing a second consecutive weekly gain as investors assessed the outlook for US monetary policy. Recent US CPI and PPI data showed inflation pressures remaining contained, suggesting that the impact of higher energy prices linked to the Iran conflict eased in July and reducing expectations of an aggressive Federal Reserve stance. Markets now see roughly a one-in-three chance of a rate hike in September, although upcoming employment data and comments from Fed Chair Kevin Warsh at the Jackson Hole symposium could influence expectations. Geopolitical risks remain another key factor, as renewed tensions could push energy prices higher and revive inflation concerns. Meanwhile, strong central-bank demand continues to support gold, with China adding around 20 tonnes to its reserves in July, marking its 21st consecutive month of purchases.