Gold drops but stays on track for best week in over two months
GLD•Spot gold fell 0.4% to $4,070.59 an ounce but was up 5% for the week, its strongest weekly gain in over two months. Investors awaited U.S. jobs data, while Goldman Sachs cut its end-2026 gold price forecast to $4,150 from $4,650 an ounce.
1. Gold slips ahead of jobs data
Gold fell on Friday as oil-price moves kept inflation concerns alive ahead of the U.S. non-farm payrolls report, due at 1330 GMT. Spot gold was down 0.4% at $4,070.59 an ounce by 1124 GMT, but remained up 5% for the week; U.S. December gold futures fell 0.8% to $4,080.70.
2. Rates and forecasts
Investors are watching the jobs report for clues on the Federal Reserve’s rate path. UBS analyst Giovanni Staunovo said gold could be supported if the figures meet expectations or are weaker, while traders saw a 70% chance of a December rate increase. Goldman Sachs lowered its end-2026 gold forecast to $4,150 an ounce from $4,650, citing the Fed’s more hawkish stance.
3. Other metals and buying
Lower prices encouraged Indian retail gold buying ahead of Diwali. Silver gained 0.6% to $52.04 an ounce and platinum rose 0.4% to $1,523.32, while palladium fell 1% to $1,020.90; all three metals were poised for weekly gains.
