Gold prices were steady on Friday, holding near US$3,975 per ounce as investors positioned for fresh U.S. economic data and assessed dovish comments from Federal Reserve policymakers.
At 4:25 pm AEDT (5:25 am GMT), spot gold was little changed at $3,975.36 per ounce, hovering near record highs after briefly retreating from Wednesday’s all-time peak of $4,059.35.
The metal is on track for its eighth consecutive weekly gain, supported by persistent demand amid global uncertainty.
Bullion found renewed support near the $3,960 level as risk appetite remained subdued. The ongoing U.S. government shutdown, which is expected to stretch into next week, added to safe-haven buying as the Senate adjourned for a long weekend.
A pause in the U.S. dollar’s rally also helped gold stabilise. The greenback softened as traders took profits following dovish remarks from Federal Reserve officials.
New York Fed President John Williams told The New York Times on Thursday that he supports additional rate cuts this year.
Investors are now awaiting the University of Michigan’s Consumer Sentiment and Inflation Expectations reports for clues on inflation and policy direction, especially after delays to other key releases.
According to The New York Times, the U.S. Bureau of Labor Statistics still plans to publish the September Consumer Price Index despite the government shutdown, though the report is unlikely to be released on 15 October as originally scheduled.
