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Gold recovered to around US$4,194 an ounce, a weekly gain of about 1.3%, after touching a two-month low mid-week. Silver also finished slightly higher.
The low came on Wednesday, when the US dollar reached an 18-month peak and 10-year Treasury yields sat near two-decade highs. Minutes from the Fed's September meeting showed policymakers divided over the reasoning for raising rates, and concerns about the scale of US government debt added to the debate.
The tide turned on Thursday when a strong 30-year Treasury auction pulled yields lower. On Friday gold rose about 1.5% as the dollar softened and reports of productive talks with Iran eased Brent crude, although oil remained above US$100 a barrel. Bloomberg reported that inflows into gold-backed ETFs have reached a four-year high.
Rhona O'Connell of StoneX put the rebound down to bargain hunting, noting “a floor has been building in the $4,000-region.” Kitco's survey swung back too, with half of Wall Street analysts expecting further gains.
Longer-term forecasters remain constructive. Metals Focus expects gold to set new records in 2027, averaging US$5,330 an ounce, as investors look for alternatives to US dollar assets. For context, gold remains about 25% below its record of US$5,589 set on 28 January 2026.
The week ahead: US consumer price data, which analysts expect to drive gold's next significant move.
Sources: Kitco / Reuters · Kitco survey · CNBC · Bloomberg · Hero Bullion · CNBC (Metals Focus)