Archive · 10 Oct 2026
Gold Rebounds to One-Week High on Bargain Buying
Gold prices went up for a second day on Friday and reached their highest level in a week.
Some buyers stepped in after gold had fallen earlier in the week.
Investors are watching to see whether the U.S. Federal Reserve will raise interest rates again.
Higher rates can make gold less attractive because gold does not pay interest.
A coming U.S. inflation report could influence gold's next move.
Demand for gold was sluggish in India and subdued in China.
Silver, platinum and palladium prices also rose that day.
Spot gold rose 1.5% to $4,194.36 an ounce on Friday, reaching a one-week high.
Gold was heading for a weekly gain of about 1.3% after falling to a two-month low on Wednesday.
Bargain buying supported bullion as traders weighed the possibility of further U.S. Federal Reserve rate hikes.
Markets priced in a 19% chance of an October rate hike and an 84% chance of at least one 25-basis-point increase by December.
Silver, platinum and palladium also rose on Friday, while platinum and palladium were still headed for weekly losses.
- Who
- Gold traders and buyers, with market views from Rhona O'Connell and Han Tan.
- What
- Gold rose to a one-week high and was on track for a weekly gain.
- When
- Friday, October 9; the report also refers to market conditions earlier that week.
- Where
- Gold markets; the report also discusses demand in India and China and U.S. economic conditions.
- Why
- Bargain buying followed gold's recent decline, while traders assessed the likelihood of further U.S. Federal Reserve rate hikes.
Factors Supporting Gold
Factors Weighing on Gold
Near-term price direction
Factors Supporting Gold
Bargain hunting after the recent fall and a developing floor near $4,000 supported prices.
Factors Weighing on Gold
A further Federal Reserve rate increase could pressure gold, with persistent inflation potentially prompting a steeper rate-hike cycle.
Potential next catalyst
Factors Supporting Gold
Continued official-sector net purchases were cited as an expectation supporting bullion.
Factors Weighing on Gold
The coming week's U.S. consumer price index report could spur a decline; Han Tan said stubborn inflation could push spot gold to test $4,000 support again.
- Spot gold
- Up 1.5% to $4,194.36 per ounce by 03:29 p.m. EDT
- Weekly gold performance
- Heading for a gain of about 1.3%
- U.S. gold futures
- December futures gained 1.4% to settle at $4,216.3
- Recent low
- Gold fell to a two-month low on Wednesday
- Rate-hike pricing
- 19% chance of a hike in October; 84% chance of at least one 25-basis-point increase by December
- Other metals
- Silver rose 2.4% to $60.77; platinum rose 3.1% to $1,685.64; palladium rose 2.1% to $1,146.39 per ounce
- Demand
- Gold demand in India was sluggish; trading in China was subdued during a holiday-truncated period