Gold rises on bargain hunting but heads for weekly decline
GLD•Spot gold rose 0.6% to $3,898.27 an ounce after hitting a more than one-year low, but was down 4.1% for the week. Markets awaited US Producer Price Index data due at 1330 GMT.
1. Gold rebounds
Gold rose on Friday as bargain hunting followed a sharp fall in the previous session. Spot gold gained 0.6% to $3,898.27 per ounce by 0740 GMT, while December US gold futures rose 0.5% to $3,902.70; spot gold remained down 4.1% for the week.
2. Rates and inflation
An analyst described the move as a positioning adjustment after short-term momentum indicators reached extreme oversold levels. Gold fell to its lowest since October 2025 on Thursday as rising oil prices raised inflation concerns and expectations of elevated interest rates. Markets priced an 89% chance of a 25-basis-point US rate hike in December and an 11% chance of a 50-basis-point increase. Investors awaited US Producer Price Index data due at 1330 GMT.
3. Other metals fall
Spot silver rose 0.1% to $50.05 per ounce, platinum fell 0.1% to $1,517.06 and palladium gained 1.6% to $1,009.62. All three were headed for weekly declines.
