According to Khabaronline news agency, the price of gold decreased in the world market trading on Friday, under the influence of the increase in oil prices and the prospect of an increase in the US interest rate, but it remained on the track of recording weekly growth.
The price of gold per ounce for immediate delivery decreased by 0.6% to $4063 and 39 cents. This precious metal has increased in price by four percent in this week’s transactions.
The price of one ounce of gold in the American futures market for delivery in December also decreased by 1% to $4072 and 90 cents.
Oil prices increased by more than 1% in Friday trading.
Ilya Spivak, the head of global macro department at “Test Live” company, said: “Crude oil prices have mainly been on an upward trend over the past day, and this issue is still one of the inflationary factors that puts pressure on the price of gold.”
Spivak added: The markets are still examining the consequences of the results of the American mid-term elections, and this issue has caused the price of gold to fluctuate mainly within a certain range and enter the stabilization phase.
Rising energy prices usually boost inflationary expectations and increase the likelihood that the Federal Reserve will keep interest rates at high levels for longer, raising the opportunity cost of investing in non-yielding assets such as gold.
Asian markets, led by tech stocks, also fell sharply, as concerns over increased regulatory oversight and a slowdown in artificial intelligence led to the steepest fall in the US stock market since the April 2025 “Freedom Day” trade tariffs collapse.
Investors are now waiting for the US non-farm payrolls report, which is scheduled to be released today. Federal Reserve Vice Chairman Michelle Bowman is also scheduled to speak today.
According to CME’s Fed Watch tool, traders estimate a 68 percent chance of a rate hike in December.
Also on Thursday, two Federal Reserve officials backed a gradual and sustained increase in interest rates to combat above-target inflation, Reuters reported.
Meanwhile, Goldman Sachs on Thursday cut its forecast for the price of gold per ounce at the end of 2026 from $4,650 to $4,150. The bank stated the stricter stance of the Federal Reserve in recent months as the main reason for this decision.
In the market of other precious metals, each ounce of silver increased by 0.3% and reached 51 dollars and 91 cents. Each ounce of platinum increased by 0.4% to $1,523 and 63 cents, and each ounce of palladium decreased by 0.2% to $1,029 and 22 cents. All three metals were on track to record weekly growth.
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