New York: SiltaNews – News Desk
Gold rebounded on Friday, recovering from a nearly one-week low in the previous session, as investors awaited key US inflation figures for guidance on interest rate direction following robust jobs data that reduced expectations of rate cuts.
Spot gold was up 1.3% at $4,982.59 per ounce, as of 0311 GMT, and has gained 0.4% so far this week. US gold futures for April delivery climbed 1.1% to $5,001.80 per ounce. Gold dropped about 3% to a near one-week low on Thursday, breaking below the $5,000-an-ounce key support as selling pressure intensified after an equities rout.
Spot silver climbed 2.5% to $77.02 per ounce, rebounding from an 11 percent drop on Thursday, though it remained on track for a weekly loss of 1.2%. Spot platinum added 1.7% to $2,034.41 per ounce, while palladium rose 2.2% to $1,653.0. Both metals were set to notch weekly losses.