Gold climbed more than 1% Friday, recovering from a near one-week low as investors positioned ahead of key U.S. inflation data.
Spot gold rose to $4,969.85 per ounce, while April futures gained 0.9% to $4,990.30, trimming weekly losses.
Analysts attributed the rebound to strong Asian demand, particularly ahead of China’s Lunar New Year celebrations.
However, Indian markets saw gold trade at a discount amid subdued buying, as recent price volatility discouraged purchases.
Thursday’s 3% drop followed stronger-than-expected U.S. jobs data, which dampened expectations for near-term Federal Reserve rate cuts.
Despite short-term volatility, analysts said broader precious metals fundamentals remain supportive, citing persistent macroeconomic and geopolitical uncertainties.
ANZ raised its second-quarter gold forecast to $5,800, highlighting bullion’s role as a safe-haven hedge against global risks.
Investors now await U.S. Consumer Price Index data, seen as pivotal for rate-cut prospects. Silver surged nearly 4%, while platinum and palladium also advanced.
