Gold held firm near a five-week high on Friday and was set for a third straight week of gains, as U.S. inflation data released earlier this week raised expectation that the Federal Reserve might cut interest rates further this year.

Spot gold was flat at $2,715.21 per ounce as of 0047 GMT, hovering near a more than one-month peak hit on Thursday. Bullion has gained about 1% so far this week.

Gold has been supported by weakness in the dollar after inflation data this week sided with rate-cut expectations