Gold set for best week in four

Gold prices climbed above $4,190 per ounce on Friday, putting the metal on track for its strongest weekly performance in a month, supported by a weaker US dollar and rising uncertainty surrounding the release of delayed economic data after the US government’s reopening.

National Economic Council Director Kevin Hassett warned that some October economic indicators may “simply never show up,” as several agencies were unable to collect data during the prolonged shutdown.

While certain reports may still be released in the coming days, others are likely to remain incomplete or permanently missing, adding a fresh layer of ambiguity to the economic outlook and encouraging renewed demand for safe-haven assets like gold.

Even so, upside momentum remained limited as recent comments from Federal Reserve officials indicated little urgency for further monetary easing.

Policymakers have emphasized a data-dependent approach, but many Fed speakers have expressed confidence that the labor market and consumer activity remain sufficiently resilient for now. As a result, market expectations for a December rate cut have fallen sharply, with traders now assigning around a 50% chance of a 25-basis-point reduction, compared with more than 95% only a month earlier.

At the same time, bets on potential rate cuts in 2026 have held steady, reflecting investors’ view that any easing cycle is likely to be shallow and gradual.

This cautious stance has prevented a more substantial rally in gold, even as lingering data gaps, geopolitical tensions, and broad questions about US economic momentum continue to underpin safe-haven demand.