Gold futures rose 0.96% to $4,197.10/oz on Friday, the first uptick since the dollar’s recent rally slowed. Silver futures followed suit, up 1.63% to $60.395/oz, touching a high of $60.430 before settling.
The muted dollar made bullion cheaper for non‑USD investors, and the 10‑year Treasury yield slipped again, easing the opportunity cost of holding a non‑yielding asset.
Market makers are pricing in an 18% chance of a rate hike this October and an 82% chance in December, according to the CME FedWatch tool. This probability mix has kept the rally cautious.
Geopolitical jitters in West‑Asia add a safety‑haven dimension; President Trump said the U.S. would not launch an attack on Iran before the November midterms, but hinted that talks are progressing.
Traders will eye the Fed’s October meeting and upcoming inflation data for clues. A dovish tone could lift the dollar and dampen bullion, while hawkish signals might reinforce the current upside.