Overview
- Spot gold rose to $3,994.03 per ounce and December futures to $4,004.40, though prices are still set for a modest weekly loss.
- Weaker U.S. private‑sector jobs readings pressured the dollar and strengthened expectations for further Federal Reserve easing.
- Prices remain about 8% below the October 20 record of $4,381.21 after a roughly $360 pullback that many strategists describe as a short‑term correction.
- Saxo Bank’s Ole Hansen highlights $3,850 as a key line in the sand, with a hold above it seen as resuming the uptrend and a break risking a brief dip toward $3,800.
- Q3 global demand reached a reported 1,313 tonnes with a large investment component, and major banks including UBS, Morgan Stanley and Goldman Sachs project $4,500–$4,900 in 2025–2026, while markets also watch the Bank of England, which was widely expected to hold rates with some seeing a chance of a surprise cut.