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Gold Prices Tick Higher, but Weekly Decline Looms Amid Fed Signals and Economic Data
Gold prices experienced a modest rebound on Friday morning, though the broader downward trend persists. Resilient U.S. economic indicators and receding concerns over the Federal Reserve’s independence have applied sustained pressure on gold, leaving it on track for its first weekly loss in three months.
As of September 17 (local time), spot gold climbed 0.3% to $1,349.49 per ounce, recovering some of the previous session's significant 1.1% drop. However, on a weekly scale, the precious metal posted a 0.2% loss. Meanwhile, U.S. gold futures slipped 0.3%, settling at $1,354.70 per ounce by the close of trading.
Elsewhere in the precious metals market, platinum surged 1% to $1,472.20 per ounce, hitting an 11-year high not seen since August 2014. Similarly, palladium spiked 1.4% to reach $1,297.78 per ounce, its highest level since August of last year. Silver remained steady, hovering at $38.12 per ounce.
Trump’s Comments, Federal Reserve Jitters, and Economic Data Shape Market Sentiment
Financial markets were unsettled earlier this week by speculation that President Donald Trump might potentially consider ousting Federal Reserve Chair Jerome Powell. However, Trump later clarified that he had no intention of removing Powell, even as he continued to criticize the Fed’s approach to monetary policy.
"Concerns about the Federal Reserve’s independence remain a focal point for market participants," said Giovanni Staunovo, a commodity analyst at UBS. "For now, those risks have subsided somewhat, while stronger-than-expected U.S. economic data has capped gold price gains." Staunovo highlighted that upbeat June retail sales and declining jobless claims data have reduced the probability of interest rate cuts, exerting downward pressure on gold prices.
That said, Staunovo added, "President Trump’s ongoing calls for aggressive rate cuts are offering a floor beneath gold prices, preventing steep declines." These uncertainties, he suggested, have created a support level for the yellow metal amid a challenging macroeconomic climate.
Treasury Yields Slip as Markets Anticipate Consumer Sentiment Data
On Friday, U.S. Treasury yields edged lower as investors awaited fresh economic signals, particularly upcoming consumer sentiment data. The 10-year Treasury yield fell slightly, dropping over 1 basis point to 4.45%. Meanwhile, yields on 2-year and 30-year Treasuries also retreated, settling at 3.89% and 5%, respectively. Bond yields and prices move inversely, creating a complex dynamic for investors.
Solid economic data strengthens the Federal Reserve’s case to maintain its current monetary policy stance—a scenario that traditionally weighs on non-interest-bearing assets like gold. "In environments with higher rates, gold faces diminished demand," said Adrian Ash, head of research at BullionVault. Yet, Ash noted, "Absent any immediate shocks, gold may face challenges in the short term. However, strong demand for physical gold and increased central bank purchases continue to support its long-term bullish narrative."
Amid the pressure on gold prices, other precious metals such as platinum, palladium, and silver showcased notable resilience, attracting interest from investors as alternative growth-centric assets. Meanwhile, the U.S. dollar’s performance also played a pivotal role in shaping gold’s trajectory. While the dollar index fell 0.4% on Friday, it remained on track for its second consecutive weekly gain, further cooling the demand for gold.
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