Gold-related equities climbed higher in early trading on Friday, with Harmony Gold Mining (HMY.US) advancing more than 3%. Other notable gainers included Agnico Eagle Mines (AEM.US) and (CDE.US), both rising over 2%, while Gold Fields (GFI.US) and Kinross Gold (KGC.US) each added more than 1%.

On the commodity front, spot gold gained 1.2% to reach $4,367.35 per ounce, while spot silver climbed 1.4% to $64.52 per ounce. The uptick in precious metals came as the latest U.S. economic data fueled fresh expectations for a Federal Reserve rate hike next week.

The U.S. Labor Department reported that the core Consumer Price Index, which strips out volatile food and energy prices, rose 0.3% month-over-month in August. This figure surpassed market forecasts of 0.2% and marked the largest single-month increase since April of this year.

Following the release of the inflation report, traders in the interest rate futures market ramped up their bets on a September rate increase. The probability of a 25-basis-point hike jumped from approximately 70% before the data was published to nearly 90% at its peak, before settling back down to around 80%.