WASHINGTON (dpa-AFX) - After ending yesterday's choppy session moderately higher, the price of gold has shown a more significant move to the upside during trading on Friday.
Gold for December delivery has surged $61.10 or 1.5 percent to $4,218.10 an ounce after climbing $16.30 or 0.4 percent to $4,157 an ounce during Thursday's session.
The jump in the price of gold comes even though the value of the U.S. has moved modestly higher over the course of the day, with the U.S. dollar index inching up by 0.1 percent.
Gold may be benefiting from increasing confidence the Federal Reserve won't raise interest rates again later this month.
CME Group's FedWatch Tool is currently indicating an 80.6 chance the Fed will leave rates unchanged at its October meeting, although the central bank is still widely expected to raise rates by another quarter point its December meeting.
Next week, the Labor Department is scheduled to release separate reports on consumer and producer price inflation in September, which may shed additional light on the outlook for rates.
On the U.S. economic front, the University of Michigan released preliminary data showing consumer sentiment in the U.S. has deteriorated by more than expected in the month of October.
The University of Michigan said its consumer sentiment index fell to 46.3 in October from 48.1 in September. Economists had expected the index to dip to 47.6.
With the bigger than expected decrease, the consumer sentiment index dropped to its lowest level since hitting a record low of 44.8 in May.
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