Gold closed out a strong week on Friday, 6 November, with its best weekly gain since August, even as prices slipped on the final trading day.

Best week since August

The front-month Comex gold contract settled at $4,064.50 an ounce, up $178.80, or 4.60%, on the week, according to Dow Jones Market Data. It was the largest weekly gain, in both cash and percentage terms, since the week ending 21 August, and it ended a three-week losing streak for the contract.

Friday itself was weaker. The contract fell $38.00, or 0.93%, on the day, its biggest one-day dollar and percentage drop since 30 October, ending a two-session winning run.

Friday pressure

Bullion came under pressure as a rebound in oil prices revived inflation worries and strengthened expectations that interest rates would stay higher for longer, Reuters reported. Higher energy costs can reinforce the case for the Federal Reserve to hold rates elevated, which tends to weigh on gold because the metal pays no interest.

Risk-off trading added to the strain. Analysts cited by Reuters said some gold positions were sold to free up cash and cover margin calls elsewhere as shares fell sharply, temporarily overriding the metal's usual safe-haven appeal.

Outlook trimmed

Goldman Sachs on Thursday cut its end-of-2026 gold forecast to $4,150 an ounce from $4,650, citing the Federal Reserve's more hawkish stance in recent months. Even after the week's rally, the front-month contract remains about 6% lower so far in 2026, and well below its January record high of $5,318.40.