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Gold Defies Dollar Strength

Gold prices firmed on Friday despite pressure from a stronger U.S. dollar and bond yields, as investors assessed major central banks’ decisions to stand pat on interest rates as a signal of imminent global economic pain.

Spot gold was up 0.3% to $1,924.70 U.S. per ounce, having logged its biggest daily drop since Sept. 5 on Thursday. U.S. gold futures rose 0.3% to $1,945.30.

Central banks for the world’s biggest economies have signaled they would keep rates as high as needed to tame inflation, even as two years of global policy tightening reach a peak.

The greenhouse stood near a six-month peak on the prospects of higher-for-longer U.S. rates, while benchmark 10-year Treasury yields climbed a 16-year high and global equities eyed their worst week in a month.

Investors traditionally buy gold as a hedge against economic uncertainty, but higher rates tend to weigh on non-interest-paying bullion.

Markets priced in a 46% chance of another rate hike by the U.S. Federal Reserve before next year, while also seeing roughly a 44% chance of some easing in the first half of 2024.