Gold Price Falls Friday but Holds Weekly Gain Ahead of Fed Meeting
TLDR
- Gold fell 0.5% Friday to $4,030 but is on track for its first weekly gain in three weeks
- Yemen’s Houthis attacked two Saudi oil tankers, raising Middle East tensions and oil prices
- Strong U.S. jobs data pushed 10-year Treasury yields to their highest since January 2025
- Markets are pricing a 34% chance of a Fed rate hike at next week’s meeting
- Analysts say gold needs to break above $4,202 to signal a stronger recovery
Gold prices dipped on Friday but are still set to close the week in positive territory, ending a two-week losing streak. Prices fell 0.5% to around $4,030 an ounce in early trading.
Despite the daily drop, gold has gained about 0.8% this week. That makes it the first weekly advance in three weeks for the metal.
The week’s gains were driven largely by rising tensions in the Middle East. Yemen’s Houthi rebels, aligned with Iran, attacked two Saudi oil tankers in the Red Sea.
🇾🇪 Insurance costs for shipping through the southern Red Sea doubled in a single day.
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