Fundamentals
Spot gold was down 0.1% at $4,018.69 per ounce by 0036 GMT, touching its lowest level since August 3. The metal fell 3.4% for the week so far, recording its biggest weekly decline since June.
US gold futures for December delivery dropped 0.6% to $4,033.70.
Oil prices rose about 4% to a five-month high on Thursday after Houthi attacks in Saudi Arabia stoked concerns of further disruption to energy supplies.
Elevated energy prices bolster expectations of higher-for-longer interest rates by the Fed, increasing the opportunity cost of holding non-yielding bullion.
The number of Americans filing new claims for unemployment benefits dropped to near 57-year lows last week, suggesting a modest pickup in job growth in October.
Focus has turned to the Fed’s October 27-28 policy meeting and next week’s Personal Consumption Expenditures (PCE) data, a key gauge closely watched by the central bank as it targets a 2% inflation rate.Traders are pricing in as low as a 7% chance of an interest rate hike next week, but expectations for a hike in December remain at 81%.
India has issued permits to import around 6,500 metric tons of silver over the next six months as the world’s biggest consumer of the precious metal seeks to meet festive-season demand, four bullion dealers who received the permits told Reuters.
HSBC cut its average 2026 platinum and palladium price forecasts in a research note on Thursday, citing shifting market fundamentals and investor liquidation, while adding that both metals have room to recover.
Among other metals, spot silver edged 0.1% lower to $54.46 per ounce, platinum slid 0.4% to $1,563.67 and palladium dropped 0.5% to $1,051.00. All three metals headed for weekly declines.
Data/Events (Gmt)
0030 Japan CPI, Core Nationwide YY, September
0030 Japan CPI, Overall Nationwide, September
0030 Japan S&P Global Mfg PMI, Comp Op, SVC PMI Flash SA, October
0500 Japan Chain Store Sales YY, September
0600 UK Retail Sales MM, Ex-Fuel MM, YY, September
0715 France S&P MFG, Services, Composite Flash PMI, October
0730 Germany S&P MFG Services, Composite Flash PMI, October
0800 EU S&P MFG, Services, Composite Flash PMI, October
0830 UK Flash Composite, Manufacturing, Services PMI October
1345 US S&P Global Mfg, Svcs, Comp PMI Flash, October
1400 US U Mich Sentiment Final, October
