Gold prices saw a slight rebound on Friday, driven by bargain hunters following a sharp drop to a one-year low in the prior session. The recovery came as investors shifted their focus to upcoming US inflation data, which could influence expectations for further interest rate hikes by the Federal Reserve.
Spot gold climbed 0.7% to $3,903.19 per ounce by 1006 GMT, while US gold futures for December delivery rose 0.6% to $3,907.50 per ounce. Despite the modest gains, gold remained on track for a weekly decline, having lost nearly 4% so far this week.
The market's attention is now firmly on the US inflation figures, which are expected to provide clarity on the Federal Reserve's monetary policy direction. Investors are cautious, awaiting these key economic indicators before making further moves in the gold market.