Gold prices hovered around $3,980/oz on Friday, heading for an eighth consecutive weekly gain after hitting a record earlier in the week. The main driving force came from economic uncertainty and expectations that the Fed would cut interest rates again. New York Fed President John Williams said he was open to further cuts, although rising inflation could complicate the decision—in line with the FOMC minutes, which saw increasing risks to the labor market but remained wary of stubborn inflation.

Meanwhile, the US government shutdown, which entered its second week, delayed the release of key data and added to the uncertainty. On Thursday, gold briefly retreated from the $4,000 milestone due to a strengthening US dollar and profit-taking following news that Israel and Hamas had agreed to a phase one ceasefire plan. Nevertheless, gold's overall trend remains upward, with the $3,980 level a key support heading into next week.

At the time of writing, the gold price is at $3,976.

Disclaimer:

This article is analytical in nature and not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.

Source: Newsmaker.id