PRECIOUS-Gold bounces back from near one-week low; US inflation data in focus

Gold rebounded on Friday, recovering from a nearly one-week low in the previous session, ‌as investors awaited key U.S. inflation figures for guidance on interest rate direction following robust jobs data that reduced expectations of rate cuts. Spot gold was up 1.3% at $4,982.59 per ounce, as of 0311 GMT, and has gained 0.4% so far ‌this week. U.S. gold futures for April delivery climbed 1.1% to $5,001.80 per ounce.

"The (precious) market will eventually continue to ‌trend higher over time, but certainly with volatilities as heightened as they are and these big round levels offering, you know, sort of indicators of where positioning might be, big breaks certainly accelerate these moves," Capital.com senior market analyst Kyle Rodda said. Gold dropped about 3% to a ⁠near ​one-week low on Thursday, breaking below ⁠the $5,000-an-ounce key support as selling pressure intensified after an equities rout.

"Precious metals came down with equities last night. They didn't really have ⁠much of a macro catalyst. Obviously, the overnight sell-offs was largely due to fresh fears about AI disruption," Rodda added. Asian shares retreated ​from record highs on Friday as worries about shrinking margins in the tech sector hit the ⁠likes of Apple.

The yellow metal also come under pressure after data released on Wednesday showed the U.S. job market began 2026 on firmer footing than ⁠expected, ​reinforcing the view that policymakers may keep rates elevated for longer. Investors now await inflation data, due later in the day, for more cues on the Fed's monetary policy path, with two 25-basis-point cuts currently priced in ⁠this year, with the first expected in June. Non-yielding bullion tends to do well in low-interest-rate environments.

Spot silver climbed ⁠2.5% to $77.02 per ounce, rebounding ⁠from an 11% drop on Thursday, though it remained on track for a weekly loss of 1.2%. Spot platinum added 1.7% to $2,034.41 per ounce, while palladium rose 2.2% to $1,653.0. ‌Both metals were set ‌to notch weekly losses.