Gold prices edged higher in Asian trading on Friday, supported by a weaker dollar and renewed bets on further Federal Reserve rate cuts, though the metal remained on track for a third straight weekly decline.
Spot gold gained 0.5% to $3,996.07 per ounce, while U.S. gold futures rose 0.3% to $4,003.85. The U.S. dollar index slipped 0.5%, making gold and silver more attractive to foreign investors.
Uncertainty grew as the prolonged U.S. government shutdown delayed the release of key economic data, boosting market expectations that the Fed could cut rates again in December. Traders now see a 70% chance of a rate cut, up from 60% the previous day.
Weaker global equities also lifted safe-haven demand for gold, as technology stocks dragged major indexes lower. However, easing U.S.-China tensions and the Fed’s earlier hawkish tone kept gold’s gains in check.
Among other metals, silver rose 0.7% to $48.26 per ounce, platinum climbed 0.6% to $1,546.30, and copper added 0.3% to $10,707.20 per ton. Meanwhile, data showed China’s exports fell in October for the first time in 18 months, underscoring persistent trade headwinds.