Gold prices were largely stable on Friday and remained on course for a positive weekly close, while silver and platinum outperformed as strong safe-haven demand pushed both metals close to record highs.
At 08:50 ET, spot gold traded mostly unchanged at $4,332.67 per ounce, hovering near its October peak. February gold futures were flat at $4,364.20 per ounce.
Gold outlook remains supportive
Gold prices were up just under 1% for the week, supported by softer-than-expected U.S. consumer price index data for November. The inflation report reinforced expectations that the Federal Reserve could deliver additional interest rate cuts.
However, some analysts urged caution. They noted that November’s CPI reading may have been distorted by the prolonged U.S. government shutdown in October and early November. According to Goldman Sachs, December’s inflation data is likely to offer clearer insight into the inflation trend and the Fed’s policy direction, while the November print may have limited influence on future decisions.
Uncertainty surrounding the U.S. economic outlook also fueled demand for safe-haven assets. A surprise increase in unemployment raised concerns about potential stagflation risks, further boosting investor interest in gold.
Beyond short-term drivers, the broader outlook for gold remains constructive. Ongoing purchases by central banks, steady inflows into gold-backed exchange-traded funds, and persistent geopolitical tensions continue to underpin prices. Rising friction between the United States and Venezuela, along with the ongoing war in Ukraine, remain key sources of support.
Goldman Sachs forecasts gold at $4,900 by 2026
Goldman Sachs expects gold prices to rise 14% to $4,900 per ounce by December 2026 under its base-case scenario, according to a note released on Thursday. The bank also highlighted potential upside risks if private investors further diversify into gold.
The bank cited structurally strong central bank demand and cyclical support from Federal Reserve rate cuts as major drivers. Goldman Sachs continues to recommend long positions in gold as part of its broader commodities outlook.
Silver and platinum post strong weekly gains
Silver and platinum significantly outperformed gold on both Friday and over the week, with prices nearing record highs.
Spot silver climbed 1% to $65.89 per ounce and was up 6% for the week, marking its fourth straight weekly gain. Spot platinum rose 0.5% to $1,971.25 per ounce and recorded a weekly gain of more than 11%.
Investor demand for silver and platinum has strengthened in recent weeks as concerns grow over slowing economic growth in developed markets. Both metals are increasingly viewed as real-asset alternatives, offering stability similar to gold but at considerably lower price levels.
Expectations of supply shortages next year have also supported silver and platinum prices, adding to their recent momentum.
