Gold steadies on bargain hunting as market eyes U.S. inflation data
Gold prices rebound after sliding to their lowest level in more than a year, as buyers return ahead of key U.S. inflation data. The metal remains on course for a weekly decline as investors continue to price in further Federal Reserve rate increases.
Highlights
- Spot gold rises 1% to $3,915.31 an ounce by 0322 GMT after falling to its lowest level since October 2025.
- Spot gold prices remain down 3.5% for the week, while U.S. gold futures for December delivery gain 0.9% to $3,919.60.
- Kelvin Wong of OANDA cites deeply oversold momentum indicators and a potential decline in U.S. Treasury yields as short-term supports for gold.
Price rebound follows sharp selloff
As reported by Reuters, spot gold rises 1% to $3,915.31 an ounce by 0322 GMT, after falling in the previous session to its lowest level since October 2025. U.S. gold futures for December delivery gain 0.9% to $3,919.60, although spot prices remain down 3.5% for the week.Kelvin Wong, senior market analyst at OANDA, says the latest move reflects a positioning adjustment after short-term momentum indicators reached deeply oversold levels following Thursday's steep drop. He adds that a sudden decline in U.S. Treasury yields could offer short-term support for gold by easing pressure from the stronger U.S. dollar.
Gold came under pressure on Thursday as oil prices climbed amid fading hopes for peace in the Middle East, reinforcing concerns that inflation could stay elevated and keep interest rates higher for longer.
As we previously wrote, oil price surge stoked inflation fears that rattled AI-linked tech stocks and Fed-rate expectations.
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