Gold prices were steady on Friday but remained on track for a weekly decline, as stronger-than-expected U.S. inflation data dampened expectations for interest rate cuts and shifted market attention to the meeting between U.S. President Donald Trump and Russian President Vladimir Putin.
Spot gold was unchanged at $3,336.66 per ounce at 1:40 p.m. EDT (17:40 GMT), down 1.8% for the week, while U.S. gold futures ended almost flat at $3,382.6. The U.S. dollar weakened, making gold and other dollar-priced commodities more affordable for buyers using other currencies. Data released on Thursday showed U.S. producer prices in July rose at the fastest pace in three years. Traders now price in an 89.1% chance of a 25-basis-point Federal Reserve rate cut in September, down from about 95% before the data.
Following the release, non-yielding gold slipped 0.6%. Lukman Otunuga, senior research analyst at FXTM, warned that while prices stabilised on Friday, they could face further pressure depending on the outcome of the Trump–Putin summit in Alaska. Geopolitical uncertainty and lower interest rates typically support demand for gold.
Analysts at ANZ forecast that macroeconomic and geopolitical risks will grow in the second half of the year, bolstering gold’s safe-haven appeal. “The bullish outlook for gold remains, backed by the potential for higher tariffs, a slowing global economy, looser U.S. monetary policy, and sustained dollar weakness,” they said.
In other precious metals, spot silver dipped 0.1% to $37.96 per ounce, down 1% for the week. Platinum slid 1.5% to $1,336.80, and palladium dropped 2.6% to $1,116.52.
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Poland has declared two days of national mourning after a gunman opened fire in Kraków's historic main square. Investigators are examining possible far-right influences and the discovery of three bodies at the suspect's home.
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The Saudi-led coalition fighting Yemen's Houthis said it intercepted and destroyed two ballistic missiles fired by the Iran-aligned group towards Riyadh on Sunday (8 November), after loud booms were heard in the Saudi capital. The Aramco building was damaged by falling debris.
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Poland began two days of national mourning on Sunday (8 November) and police bolstered security after six people were killed in a mass shooting in Kraków that the government said was likely inspired by far-right ideology.
Security measures have been stepped up in Antalya, Türkiye, ahead of the COP31 United Nations climate summit, which begins on Monday, 9 November, with thousands of additional personnel deployed across the Mediterranean city.
Iran's Islamic Revolutionary Guard Corps (IRGC) dismissed a new U.S. military operation targeting the movement of weapons and sanctioned materials on Sunday, 8 November, saying Washington would fail to isolate the Iranian economy despite expanding restrictions on maritime and land routes.
A Russian overnight attack on energy infrastructure in Ukraine's eastern Dnipropetrovsk region left more than 600,000 people without electricity on Sunday, 8 November, Ukrainian energy company DTEK said.
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