Spot gold held near $4,514 an ounce early Friday, little changed on the day but up about 3.2% for the week and on track for its third consecutive weekly gain, according to a Reuters market report. Prices touched their highest level since early June during Thursday's session before steadying. U.S. gold futures were similarly firm at $4,571.20.
Two forces are doing most of the work. The dollar is headed for a weekly loss against a basket of major currencies, which makes dollar-priced bullion cheaper for buyers holding other currencies. And Treasury's move this week to double the size of its buybacks of longer-dated government debt, aimed at capping long-term yields, has added to the case for holding a non-yielding asset like gold rather than bonds — even though those same yields snapped back higher by Thursday afternoon, muddying the signal.
Traders are also parsing shifting odds on the Federal Reserve's next move. With minutes from the July meeting showing a more hawkish committee than expected, futures markets have been recalibrating the probability of the Fed holding rates steady versus moving again in September, adding a layer of uncertainty that has historically supported demand for safe-haven assets.
Gold isn't rallying alone. Silver was roughly flat at $68.03 an ounce but also on pace for a weekly advance, platinum rose 1.1% to $1,846.29, and palladium held steady around $1,333.11 — a broad-based move across precious metals rather than a gold-specific story.
The rally fits a longer pattern. Gold prices have climbed more than 25% since early 2025, and were up roughly 11.5% over just the past month as of Thursday, according to Fortune's daily gold price tracker, which cited persistent inflation concerns and broader market uncertainty as the main drivers pulling investors toward the metal as a hedge. With the Fed's next policy meeting and Treasury's November 4 quarterly refunding announcement both still ahead, traders expect the metal's direction to stay tied to how those two storylines evolve.
