PRECIOUS-Gold rebounds 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 await ‌key U.S. inflation figures for cues on the direction of interest rates following robust jobs data. Spot gold was up 1.2% at $4,979.49 per ounce as of 0814 GMT, and has gained 0.4% so far this week. U.S. gold futures for April delivery ‌climbed 1% to $4,998.30 per ounce. "With volatilities as heightened as they are and these big round levels offering ($5,000), you ‌know, sort of indicators of where positioning might be, big breaks certainly accelerate these moves," said Kyle Rodda, senior market analyst at Capital.com.

Gold dropped about 3% to a near one-week low on Thursday, breaking below the $5,000-an-ounce key support line 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," Rodda said.

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 came 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. The U.S. consumer price index data is expected later in the day. Markets are pricing in two 25-basis-point cuts this year, the first of ⁠those ​expected in June. Non-yielding bullion tends to do well in low-interest-rate environments. Elsewhere, gold flipped to a discount in India this week for the first time in a month on subdued demand as volatile prices deterred buying, while ⁠the Chinese market saw robust demand as it heads into the Lunar New Year holiday.

Spot silver climbed 4.6% to $78.59 ⁠per ounce, rebounding from an ⁠11% drop on Thursday, though it remained on track for a weekly gain of 0.7%. Spot platinum added 1.7% to $2,033.99 per ounce, while palladium rose 2.8% to $1,661.97. Both metals were set ‌to notch weekly ‌losses.