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 US 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. US gold futures for April delivery climbed 1.1% to $5,001.80 per ounce. 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.