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News base «Madan Nameh»: The price of each ounce of gold for immediate delivery decreased by 0.6 percent, reaching $4,063.39. This precious metal has gained four percent in price during this week’s trading so far.
The price per ounce of gold in the U.S. futures market for December delivery also dropped by one percent, trading at $4,072.90.
Oil prices in Friday’s trading rose by more than one percent.
Ilya Spivak, Head of Global Macro at TestiLive, said: Crude oil prices mostly trended upward yesterday, and this remains one of the inflationary factors putting pressure on gold prices.
Spivak added: Markets are still assessing the implications of the U.S. midterm election results, which has caused gold prices to fluctuate mostly within a certain range and enter a phase of consolidation.
Rising energy prices usually strengthen inflation expectations and increase the likelihood of the Federal Reserve maintaining high interest rates for a longer period, which raises the opportunity cost of investing in non-yielding assets such as gold.
Asian markets, particularly technology stocks, also suffered sharp losses, as concerns over increased regulatory scrutiny and a slowdown in artificial intelligence development led to the steepest U.S. stock market decline since the tariff announcement-led crash known as “Freedom Day” in April 2025.
Currently, investors await the U.S. nonfarm payroll report scheduled for release today. Additionally, Michelle Bowman, Vice Chair of the Federal Reserve, is set to speak today.
According to the Federal Watch tool by CME Group, traders estimate a 68 percent chance of an interest rate increase in December.
As reported by Reuters, on Thursday, two Federal Reserve officials supported a gradual and steady hike in interest rates to combat inflation above target levels.
Meanwhile, Goldman Sachs on Thursday lowered its year-end 2026 gold price forecast from $4,650 per ounce to $4,150, citing the Federal Reserve’s tougher stance in recent months as the main reason.
In other precious metals markets, silver rose 0.3 percent to $51.91 per ounce. Platinum increased by 0.4 percent to $1,523.63 per ounce, and palladium declined 0.2 percent to $1,029.22 per ounce. All three metals are on track to record weekly growth.