Gold prices steadied above the $4,300 mark on Sunday, following a sharp weekly advance, according to a report from Investing.com. The precious metal had climbed roughly 7% over the course of the week, one of its strongest performances in recent months.
Trading activity over the past few days saw gold pull back from a seven-week high as some investors locked in profits, as reported by multiple outlets including Asharq Bloomberg and Asharq Al-Awsat. The retreat was modest, with prices dipping about 0.5% from the recent peak, but the metal remained firmly above the $4,300 level.
The weekly surge was notable enough to draw attention alongside equities, which posted their best gains since May, according to Saudi newspaper Al Riyadh. The simultaneous strength in both gold and stocks suggests investors were moving into risk assets while also maintaining a safe-haven position, a pattern that often emerges when markets anticipate a shift in monetary policy.
The key driver for the coming days, as highlighted by Investing.com, is the release of US inflation data. Market participants are watching these figures closely because they will likely influence the Federal Reserve’s next policy decision on interest rates. If inflation comes in hotter than expected, gold could face headwinds from a stronger dollar and higher yields. Conversely, softer data could extend the metal’s rally.
Profit-taking after a sharp run-up is common, and the fact that gold has held above $4,300 suggests underlying demand remains solid. The focus now shifts entirely to the inflation report, which is expected to set the tone for gold trading in the week ahead.
