Gold spot edged up 0.4% to $4,152.90 per ounce, silver lifted 0.58% to $60.65 per ounce, a modest rebound after a two‑month low that saw both metals press lower on Thursday.
COMEX futures followed the trend: December gold futures closed at $4,150.60, up 0.3%, while spot silver sat at $60.39, higher 0.4%. The gains underline the market’s sensitivity to the Federal Reserve’s policy outlook.
CME FedWatch shows an 18% probability of a rate hike later this month and an 80% chance of a move in December, a sharp contrast to the 32% expectation from the previous session. This split fuels debate over whether a higher‑for‑longer stance will cap bullion upside.
Treasury yields, which remain elevated, and a strengthening dollar exert downward pressure on gold and silver. Anand K Rathi, co‑founder of MIRA Money, noted that the metal’s price will hinge on the Fed’s trajectory and the 10‑year Treasury yield.
Indian gold demand fell 6% YoY to 131.4 tonnes in Q2 2026, yet its value rose 50% to ₹1.98 lakh crore. ETF demand surged 49% and bar‑and‑coin sales grew 9%, indicating a shift toward financial products amid rising spot prices.
Looking ahead, traders will monitor Fed minutes, bond‑yield movements, and the next quarterly earnings reports from major commodity‑linked companies. Investors are cautioned to avoid short‑term swings and consider a staggered accumulation strategy for long‑term exposure.