Singapore, October 24 (QNA) - Gold prices extended their gains in global markets on Friday as investors closely watched key US inflation data for clues on the future trajectory of interest rates.

Spot gold advanced 0.3% to $4,138.52 per ounce, while US gold futures for December delivery rose 0.2% to $4,152.30 per ounce.

Despite the rally, gold is on track for its worst weekly performance since May, having declined 2.7% so far this week.

Market participants widely anticipate a 25-basis-point interest rate cut at the Federal Reserve's upcoming meeting, a move that typically supports gold by lowering the opportunity cost of holding the non-yielding metal.

In other precious metals, spot silver slipped 0.3% to $48.76 per ounce, platinum increased 0.6% to $1,635.59 per ounce, and palladium declined 0.3% to $1,453.16 per ounce. (QNA)