NEW YORK — Anyone waiting for gold to slip below $4,000 an ounce this week was left empty-handed. The gold price today sits near $4,194 an ounce after spot gold climbed 1.47% on Friday, rebounding from a two-month low of about $4,090 touched on Wednesday, according to live spot data.
The bounce gives bullion its first weekly gain in three weeks, a market analysis showed, and it arrived as long-dated US Treasury yields backed away from multi-decade highs. COMEX December futures settled at $4,216.30, up 1.43%, Reuters reported, after closing at $4,140.70 on Wednesday. Because markets are closed for the weekend, Friday’s levels are the gold price today until trading resumes.
| Metal or contract | Price (USD per ounce) | Change on Friday |
|---|---|---|
| Spot gold | $4,194.24 | +1.47% |
| COMEX December gold futures | $4,216.30 | +1.43% |
| Spot silver | $60.82 | +2.77% |
| Spot platinum | $1,689.50 | +2.78% |
| Spot palladium | $1,150.00 | +2.19% |
For readers converting ounces, a troy ounce weighs 31.1035 grams, so spot gold at $4,194.24 works out to about $134.84 a gram, or roughly $1,348 for 10 grams. Against silver, one ounce of gold now buys about 69 ounces.
Rates, not fear, ran the week. The 30-year Treasury yield touched 5.732% intraday on Wednesday, its highest since 2002, and the same market analysis said rising real yields dragged gold to its low even as the New York Fed’s one-year inflation expectation climbed to 3.9%, the highest since May 2023. Gold pays no interest, so every rise in what Treasuries pay makes holding it more expensive. On Friday the 10-year yield eased to 5.23% from the week’s highs, and the pullback gave the metal room to recover.
The next move belongs to the Federal Reserve. Fed funds futures put the odds of a rate increase this month at 19% and the odds of at least a quarter-point increase by December at 84%, Lao Dong reported. Consumer price index data is due Wednesday, and the central bank meets on October 27 and 28.
Dip buyers are doing the early work. Rhona O’Connell, head of market analysis at StoneX, said bottom-fishing demand is supporting prices and that the $4,000 zone is gradually forming a floor. Han Tan, chief market analyst at Bybit, said gold could retest that level if sticky inflation forces the Fed to raise rates more sharply. Societe Generale analysts said in late September that gold had failed to hold above its 200-day moving average and flagged resistance near the $4,315 pivot high.
The rebound still leaves gold 4.55% lower over one month and 3.19% lower for the year to date, though it is up 4.72% over twelve months, the market analysis data showed. After an earlier weekly gain in September, bullion slid again as yields climbed, which is why traders treat each bounce with caution. Silver rose 2.77% to $60.82 an ounce on Friday, platinum gained 2.78% to $1,689.50 and palladium added 2.19% to $1,150.
Energy is the other thread. US crude holds near $91 a barrel with Hurricane Isaias keeping about a quarter of Gulf output shut in, and Washington’s decision to ease sanctions on Russian diesel was aimed at lowering fuel costs. Dearer energy feeds inflation expectations, and inflation expectations keep rate-hike fears alive. Indian media reports said the collapse of a US-Iran maritime armistice agreed in mid-June has added safe-haven demand at home.
In India, the gold price today rose across the board on the global rebound. A widely used India rate tracker showed 24-carat gold at ₹15,142 a gram, up ₹71 from October 9, with 22-carat at ₹13,880 and 18-carat at ₹11,357. Delhi quotes ran slightly higher, at ₹15,157 a gram for 24-carat gold, while Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad and Pune matched the national ₹15,142 and Ahmedabad and Vadodara stood at ₹15,147.
| Purity | Per gram | Per 10 grams | Change vs Oct 9 (per gram) |
|---|---|---|---|
| 24 carat | ₹15,142 | ₹1,51,420 | +₹71 |
| 22 carat | ₹13,880 | ₹1,38,800 | +₹65 |
| 18 carat | ₹11,357 | ₹1,13,570 | +₹54 |
Rates differ by source. Other trackers listed 24-carat gold between about ₹1,49,700 and ₹1,52,100 per 10 grams on Saturday, a spread that reflects update timing and local factors. Benchmark rates typically exclude GST and making charges, so a jeweller’s final bill runs higher. Physical demand stayed quiet through the week as prices recovered, and trading in China was sluggish during the holidays, Lao Dong reported. Higher prices also raise the value of jewellery pledged for gold loans, a growing source of small-business credit in India.
With trading shut until it resumes, Wednesday’s inflation reading is the first test. A hotter number would revive the case for higher rates and put the $4,000 floor back in play. A softer one would give the rebound room to build on the $4,200 level that futures reclaimed on Friday.
