India Gold price today: Gold falls, according to FXStreet data

Gold prices dipped on Friday amid concerns over inflation stemming from higher oil prices and heightened expectations of sustained interest rate increases, although the metal continued its weekly upward trend as investors awaited crucial U.S. payrolls data later in the day. Spot gold slipped 0.6% to $4,063.39 per ounce by 02:48 GMT, yet it had risen 4% so far this week.

U.S. gold futures for December delivery fell 1% to $4,072.90. Crude oil rebounded largely over the past day, adding to inflationary pressures on gold, according to Ilya Spivak, head of global macro at Tastylive. Markets are still grappling with the outcome of the U.S. midterm elections, keeping gold largely within a narrow range as it consolidates.

Oil prices surged more than 1% on Friday but were poised for a notable weekly decline due to expectations of de-escalation in the Iran conflict following the U.S. election results, while ongoing Middle East supply issues continued to bolster crude prices. Elevated energy costs can intensify expectations that the Federal Reserve will maintain interest rates at elevated levels for a longer period, heightening the opportunity cost of holding non-yielding bullion.

Asian tech-heavy markets suffered a sharp decline as fears of increased regulatory scrutiny and a slowdown in AI development triggered the steepest drop in U.S. stocks since the tariff-driven "Liberation Day" rally in April 2025. Investors are now eagerly anticipating the U.S. non-farm payrolls report due at 13:30 GMT, with Fed Vice Chair Michelle Bowman also expected to deliver remarks later in the day.

Traders currently estimate a 68% probability that the Fed will hike rates in December, as per CME's FedWatch tool. Prior to Thursday, two Fed officials advocated for modest and steady rate hikes to curb inflation above its target. Earlier, Goldman Sachs lowered its end-2026 gold price forecast to $4,150 per ounce from $4,650, citing the ramifications of the Fed's more aggressive stance in recent months.

Among other precious metals, spot silver climbed 0.3% to $51.91, platinum increased 0.4% to $1,523.63, and palladium dropped 0.2% to $1,029.22, all of which were on track for weekly gains.