SINGAPORE – Gold prices held steady below the $4,000 per ounce mark on Friday, poised to log their eighth consecutive weekly gain as global investors weighed geopolitical tensions, inflation pressures, and growing expectations of more US rate cuts. At 0514 GMT, spot gold slipped 0.1% to $3,971.43 per ounce, while US gold futures for December delivery edged up 0.3% to $3,985.80. Despite the slight dip, gold remained up 2.2% for the week. Silver also climbed 0.9% to $49.55, easing from Thursday’s record high of $51.22, while platinum fell 1% to $1,602.25 and palladium dropped 2.2% to $1,381.29.
Read More: Gold Breaks $4,000 Mark Amid Economic Turmoil
“Options markets revealed a rise in volatility alongside downside protection for gold during the final stages of this rally, and it seems a good time for gold bulls to book some profits,” said Matt Simpson, senior analyst at City Index. “Still, any pullback could be limited,” he added.
Gold briefly surged past $4,000 per ounce on Wednesday, touching a record high of $4,059.05, bringing its year-to-date gain to about 52%.
Read More: Bitcoin Hits Record High, Rally Gains More Momentum
The rally has been underpinned by slowing global growth, rising inflation, central bank gold purchases, and diversification away from the US dollar, analysts at ANZ noted. They said continued monetary easing by the US Federal Reserve and ongoing geopolitical uncertainty should sustain gold’s momentum.
Minutes from the Fed’s September meeting, released Wednesday, showed officials agreeing that job market risks warranted another rate cut, though they remained cautious about inflation. The Fed cut rates by 25 basis points in September and is expected to make similar moves in October and December, with traders pricing in 95% and 82% odds, respectively.
Read More: WTO Slashes 2026 Global Trade Growth Forecast to 0.5%
The Israeli government’s ratification of a ceasefire with Hamas—expected to pause hostilities in Gaza within 24 hours—did little to dent gold’s safe-haven appeal as Israeli strikes continued despite the agreement.
With economic uncertainties, geopolitical risks, and dovish central banks all in play, gold’s strong performance suggests investors continue to see it as a trusted hedge in turbulent times.