Gold rises, records 1% weekly gains

Gold bars

Gold prices rose on Friday, after Federal Reserve Chairman Jerome Powell signaled the possibility of future rate cuts in light of current conditions, despite ongoing economic and trade uncertainties.

December gold futures climbed 1.10% ($36.9) to settle at $3,418.50 per ounce, recording 1% weekly gains.

The increase was supported by a surge in expectations of renewed Fed easing next month. "Conditions may warrant interest rate cuts as the Fed proceeds carefully,” Powell said.

Powell also stressed that political shifts heightened risks, particularly with regard to labor market weakness and mounting inflationary pressures from tariffs, though he expected the trade-related impacts to be temporary and short-term.