Gold Slides Ahead of US CPI, on Track for First Weekly Loss in 10 Weeks
Gold prices fell slightly in Asian trading on Friday, putting the metal on course for its first weekly decline in 10 weeks as investors booked profits after recent record highs and awaited key U.S. inflation data due later in the day.
At 01:35 ET (05:35 GMT), spot gold slipped 0.4% to $4,109.55 per ounce, while U.S. gold futures dropped 0.5% to $4,123.70. The yellow metal tumbled more than 5% on Tuesday after touching an all-time peak of $4,381.29/oz earlier in the week.
Gold is now set to lose over 3% for the week following a nine-week rally, which had been driven by expectations of Federal Reserve rate cuts and safe-haven demand amid ongoing geopolitical risks. The latest pullback was largely attributed to profit-taking and improving sentiment after signs of easing U.S.-China trade tensions.
US CPI Data in Focus as Trump–Xi Meeting Confirmed
The White House confirmed on Thursday that President Donald Trump will meet Chinese President Xi Jinping next week in South Korea, raising hopes of progress in trade relations between the world’s two largest economies.
Investors are also awaiting the delayed release of the U.S. Consumer Price Index (CPI) for September, postponed earlier this month due to the government shutdown. The data will be critical in shaping expectations ahead of next week’s Federal Reserve policy meeting, where markets anticipate a 25-basis-point rate cut.
A softer CPI reading could strengthen expectations for monetary easing and support non-yielding gold, while a stronger result may lift the U.S. dollar and Treasury yields, pressuring bullion prices. The dollar index held firm on Friday, heading for a weekly gain, making gold more expensive for investors holding other currencies.
Despite this week’s losses, analysts said the long-term outlook for gold remains positive, supported by expectations of lower interest rates and continued geopolitical uncertainty.
Metal Markets Weaken as China’s 5-Year Plan Gains Focus
Other precious and industrial metals also traded lower on Friday amid cautious sentiment. Silver futures dropped 1% to $48.13 per ounce, while platinum futures were steady at $1,594.60/oz.
On the London Metal Exchange, benchmark copper futures fell 0.5% to $10,832.20 per ton, while U.S. copper futures rose 0.4% to $5.10 per pound.
Meanwhile, China’s Communist Party unveiled a new five-year economic plan focusing on advanced manufacturing, technological self-reliance, and domestic consumption growth. The framework signals Beijing’s commitment to sustaining long-term growth through structural reform and innovation.
