Global gold prices rose for the third week in a row as investors grew confident that the US Federal Reserve was on track to lower interest rates soon. Gold prices rose 1 percent this week to end above the key 2,400 dollars per ounce at 2,420.70 dollars per ounce on Friday. Gold prices rallied to their highest since May 22 on Thursday after an unexpected decline in US consumer prices. The data strengthened the view that the disinflation trend has resumed and lifted hopes for rate cuts by the Fed. US producer prices increased moderately in June, further confirming that inflation had resumed its downward trend and strengthening the case for a September interest rate cut.