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Gold prices recovered some ground on Friday, paring some of their losses from their worst day in nearly two months on Thursday as markets looked to finish a roller-coaster week on a quieter note.
Price action
-
Gold for December delivery
GC00,
+0.27% GCZ23,
+0.27%
rose $5.70, or 0.3%, to $1,945 per ounce on Comex. -
December silver
SI00,
+0.84% SIZ23,
+0.84%
gained 34 cents, or 1.4%, to $24.02 per ounce. -
October platinum
PLV23,
+2.17%
rose by $17.50, or 1.9%, to $942 per ounce, while December palladium
PAZ23,
+1.06%
gained $12, or 1%, to $1,282 per ounce. -
Copper for December
HGZ23,
+0.65%
rose by 3 cents, or 0.9%, to $3.73 per pound.
Market drivers
Gold prices were on track to finish the week little-changed, despite a sharp selloff that followed Federal Reserve’s policy meeting on Wednesday which signaled that the central bank expects to keep its policy interest rate above 5% for longer than the market had previously expected.
While prices stabilized on Friday, analysts wondered whether more volatility might lie ahead.
“As a non-yielding asset, higher interest rates usually prove to be a headwind for gold prices as they increase the opportunity cost of holding the yellow metal,” said Mike Ingram, market analyst at Kinesis Money, in emailed commentary.
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