Gold price falls on Friday after hitting record high-level. Check latest gold rate prediction

Gold prices fell on Friday after notching a record high above the $4,300 an ounce level earlier in the session. Spot gold fell 0.4 per cent to $4,309.63 per ounce, after scaling another record high of $4,378.69 earlier in the session. U.S. gold futures for December delivery was up 0.4 per cent to $4,320.70. Gold has gained about 7.2 per cent so far this week. Earlier in the session, gold had temporarily been on track for its biggest gain since September 2008 when the collapse of Lehman Brothers fuelled the global financial crisis.

Gold rate fell on Friday after U.S. President Donald Trump said his proposed 100 per cent tariff on goods from China would not be sustainable. Wall Street futures trimmed losses on Friday after Trump confirmed that his meeting with Chinese President Xi Jinping was still on, easing investor concerns over worsening trade tensions between the two largest economies.

"Equity indices have bounced off their lows on the back of a couple of bullish-looking comments from Donald Trump... we've seen gold prices come down a little bit on the back of those comments," said Fawad Razaqzada, market analyst at City Index and FOREX.com.


Gold is traditionally considered a hedge during times of uncertainty and thrives in a lower interest rate environment.

U.S. Federal Reserve Governor Christopher Waller voiced support for another rate cut. Investors expect a 25-basis-point reduction at the Fed's October 29-30 meeting and another reduction in December.

Bullion has surged over 64 per cent this year, driven by geopolitical tensions, rate cut bets, central bank buying, de-dollarisation and robust exchange-traded-fund inflows.

"I believe resilient and huge ETF flows are pulling prices up," said Michael Haigh, global head of commodities research at Societe Generale.

HSBC raised its 2025 average gold price forecast by $100 to $3,455 per ounce, and projected gold to reach $5,000 an ounce in 2026, supported by elevated risks.

Spot silver fell 1.7 per cent to $53.32 per ounce, after hitting a record high of $54.47, tracking the rally in gold and a short squeeze in the spot market. Platinum fell 3.9 per cent to $1,646.50 and palladium lost 4.4 per cent to $1,542.10.

FAQs

Q1. How are silver, palladium, platinum performing?

A1. Spot silver fell 1.7 per cent to $53.32 per ounce, after hitting a record high of $54.47, tracking the rally in gold and a short squeeze in the spot market. Platinum fell 3.9 per cent to $1,646.50 and palladium lost 4.4 per cent to $1,542.10.

Q2. What is HSBC forecast for Gold price?

A2. HSBC raised its 2025 average gold price forecast by $100 to $3,455 per ounce, and projected gold to reach $5,000 an ounce in 2026, supported by elevated risks.