Washington, USA – Spot gold prices settled at $4,077.19 an ounce, after having fallen by more than 1% earlier in the session.
This stability was supported by comments from officials at the US Federal Reserve (the central bank), which strengthened market bets on an interest rate cut next month. Lower interest rates typically reduce the opportunity cost of holding gold, which does not generate interest.
Futures contract performance and weekly loss
U.S. gold futures for December delivery rose 0.4% to $4,076.90 an ounce.
However, the precious metal is on track to record a slight weekly loss of 0.1%, reflecting the volatility in the markets amid the balancing act between hopes for an interest rate cut on one hand, and the economic data being released on the other.
Movement of other precious metals
The performance of other precious metals varied at the end of trading on Friday:
Silver fell in spot trading by 1.2% to $49.99 per ounce.
Platinum rose 1.2% to $1,529 an ounce.
Palladium fell 0.4% to $1,372.44 an ounce.
