Gold advanced in Asian trading on Friday, drawing support from haven demand as investors weighed a murkier U.S. economic outlook, even as fading bets on a Federal Reserve cut in December capped the rally.

Spot prices rose 0.4% to $4,187.43/oz by 05:24 GMT, while December futures eased slightly to $4,190.75/oz. The metal is up roughly 5% for the week—its first weekly gain in four—after firmly reclaiming the $4,000 threshold.

Haven bid returns as data fog persists

The end of a nearly 43-day U.S. government shutdown set the stage for the return of official economic reports in the coming weeks, but markets remain anxious that delayed releases could reveal a softer growth picture. Officials also signaled that October inflation and labor data may not be published, prolonging uncertainty and nudging investors toward defensive assets.

The dollar slipped about 0.4% on the week, offering an additional tailwind to metals.

Fed repricing limits upside

With policymakers effectively “flying blind” into the Dec. 10–11 meeting, traders trimmed expectations for near-term easing. Market-implied odds now suggest about a 45.4% chance of a 25 bp cut in December—down sharply from last week—while the probability of a hold has risen to 54.6%. Higher-for-longer rate risks and elevated real yields continue to restrain gold’s topside momentum.

Complexion across precious metals

Strength was broad-based: spot platinum rose 0.5% to $1,593.83/oz, and spot silver added 1.1% to $52.8815/oz, leaving silver up roughly 9% on the week and nearing the record peaks set in October.

What to watch next

• U.S. data resumption: The cadence and content of backlogged reports will shape rate expectations into year-end.
• Dollar and real yields: Further dollar softness would reinforce precious-metal bids; a rebound could temper gains.
• Positioning: After a strong weekly advance, near-term consolidation is possible unless incoming data clearly re-ignite dovish Fed pricing.

Gold’s weekly recovery reflects a classic flight-to-quality dynamic amid a cloudy macro backdrop. Until the data fog clears, haven demand and a softer dollar can keep dips shallow, but firm rate-cut skepticism argues for a measured, range-bound tone rather than an unchecked breakout.