Market Overview
Gold steadied on Friday, with spot prices edging up 0.1% to $4,128.74 per ounce and futures gaining 0.4% to $4,142.25 per ounce, positioning the metal for its first weekly rise in five weeks after having fallen to eight‑month lows earlier in the week.
Price Details
The metal’s weekly gain stood at 0.9%, erasing a roughly 13% decline recorded in the June quarter and reversing all year‑to‑date advances. Spot silver increased 0.15% to $61.0580 per ounce, while spot platinum rose 0.2% to $1,627.92 per ounce.
Economic Context
The price movement followed the release of softer‑than‑expected U.S. non‑farm payroll data for June, which dampened market expectations that the Federal Reserve will implement another rate hike this year. The data also contributed to a decline in the U.S. Dollar Index, which slipped from near 13‑month highs. Fed Chair Kevin Warsh reiterated that the central bank will maintain its 2% inflation target, underscoring a cautious stance.
Market Activity
Trading volumes were muted ahead of a U.S. market holiday on Friday, limiting market participation despite the price rebound.