The metal breached $4,300/oz for the first time on Thursday, and is set for a weekly gain of about 4.8%.
U.S. gold futures for December delivery settled 2.1% lower at $4,213.30.
Earlier in the session, gold had temporarily been on track for its biggest weekly gain since September 2008 when the collapse of Lehman Brothers fuelled the global financial crisis.
Spot silver fell 5.6% to $51.20 per ounce, after hitting a record high of $54.47, tracking the rally in gold.
The metal is set for a 2% weekly gain.
An overview.
businesses.
At the October Fed meeting, the markets anticipate a 25 basis point rate cut.
Trump claims that a 100% tariff on China is unsustainable.
So far this week, gold has risen roughly 4 to 8 percent.
A record high of $54.47/oz is reached by silver.
October 17 (Reuters) – Under pressure from a stronger dollar and U.S. dollar, gold prices dropped more than 2 percent on Friday after reaching a record high above $4,300 per ounce. A. Trump’s assertion that a “full-scale” tariff on China would not be viable.
At 1:38 p.m., spot gold was down 2 points 6 percent at $4,211.48 an ounce. m. ET (1738 GMT), subsequent to reaching a record high of $4,378.69 earlier in the day. For the first time, the metal broke through $4,300/oz on Thursday, and it is expected to gain roughly 4–8% per week.
U. S. . Gold futures for December delivery ended the day at $4,213.30, down 2 points.
Dollar index (. DXY), opened a new tab that was up 0.1 percent, increasing the cost of dollar-priced bullion for buyers from abroad.
Gold had momentarily been headed for its largest weekly gain since September 2008, when the global financial crisis was exacerbated by Lehman Brothers’ failure.
“I think the precious trade has been a little less heated since Trump’s more accommodative tone since the initial announcement of 100 percent tariffs,” said Tai Wong, an independent metals trader.
In an effort to calm market anxiety over the growing trade dispute between the two nations, Trump confirmed on Friday that he would meet with his Chinese counterpart.
Geopolitical tensions, central bank purchases, a move away from the dollar, and significant inflows into gold exchange-traded funds have all contributed to the more than 64% increase in gold prices this year. Gold is a traditional hedge against uncertainty. Put your money on U. A. The non-yielding asset has also benefited from interest rate reductions.
Suki Cooper, global head of commodities research at Standard Chartered Bank, stated, “We’re projecting gold to average $4,488 in 2026, and see further upside risk from broader structural factors supporting the market.”.
For the Federal Reserve’s October meeting and its December meeting, markets are pricing in a 25 basis point cut.
HSBC predicted that the average price of gold would rise by $100 to $3,455 per ounce in 2025 and $5,000 per ounce in 2026.
As prices set new records, the demand for physical gold in Asia remained strong, with Indian premiums reaching a ten-year high before festivals.
Tracking the gold rally, spot silver dropped 5.6 percent to $51.20 per ounce after reaching a record high of $54.47. The weekly gain for the metal is set at 2%.
Palladium lost 79 percent to $1,485 point, while platinum dropped 61 percent to $1,607 point.
In Bengaluru, Sherin Elizabeth Varghese, Anushree Mukherjee, and Noel John reported; Shailesh Kuber and Susan Fenton edited.
