Gold prices were little changed on Friday and remained on track for modest weekly gains as investors waited for key U.S. jobs data that could provide fresh signals about the Federal Reserve’s next interest rate decision.
Spot gold held steady at $4,477.10 per ounce after surging nearly 2% on Thursday. The previous session’s rally was driven by growing expectations that the Federal Reserve may keep interest rates unchanged this month.
Market sentiment improved after comments from Federal Reserve Governor Christopher Waller, who said he would support holding rates steady if incoming economic data continues to show easing inflation pressures.
Lower interest rate expectations are generally positive for gold because the precious metal does not pay interest, making it more attractive when borrowing costs and bond yields are expected to remain stable or decline.
Meanwhile, U.S. gold futures for December delivery slipped 0.4% to $4,522.60 per ounce.
According to CME Group’s FedWatch Tool, traders currently see roughly a 50% chance of a U.S. interest rate increase at the Federal Reserve’s upcoming meeting, highlighting the uncertainty still surrounding monetary policy.
Investors are now closely watching the latest U.S. employment figures, which could play a major role in shaping expectations for future interest rate moves.
Other precious metals traded lower on Friday. Spot silver fell 0.3% to $66.78 per ounce but remained on course for a weekly gain. Platinum declined 0.8% to $1,811.28 per ounce, while palladium slipped 0.4% to $1,415.75 per ounce.
Despite the daily declines, both platinum and palladium are still expected to post modest gains for the week as investors continue to monitor economic data, interest rate expectations and overall market sentiment.
