Gold bounces back as traders sit tight for US CPI – silver reels, platinum and palladium lag

With input from Bloomberg and Reuters contributed to this report.

Gold got a little air on Friday after tumbling close to a one-week low the session before, as markets held their breath ahead of US consumer-price data that could nudge the Fed’s interest-rate path.

Spot gold was trading up about 1.2% at $4,979.49 an ounce around 0814 GMT, with April futures up roughly 1% at $4,998.30. That leaves the metal on track for a 0.4% gain for the week – modest, but a rebound after Thursday’s forced selling that shoved prices below the psychologically important $5,000 mark.

“Big round levels like $5,000 act as lightning rods,” said Kyle Rodda at Capital.com. “When vol spikes and those levels break, moves get amplified.”

That’s exactly what happened midweek: gold slid nearly 3% on Thursday amid a broader equities rout and worries that stronger jobs data could keep rates higher for longer.

Silver staged a bigger snapback. The white metal jumped 4.6% to $78.59 an ounce, clawing back from an 11% slide the day before. Still, it’s penciled in for a only 0.7% weekly uptick. Platinum and palladium also recovered some ground on Friday – platinum up 1.7% at about $2,034, palladium rising 2.8% to roughly $1,662 – but both are poised to finish the week in the red.

Why the drama? Traders are juggling two big forces: fresh optimism about AI and other growth drivers that sent stocks higher earlier, and the fear that those same technologies could sap profits or crank up costs. Then there’s the policy backdrop: after a surprisingly strong jobs print this week, the market is glued to Friday’s CPI (due 8:30 a.m. ET / 1330 GMT). If inflation looks sticky, the Fed has less reason to cut rates – and non-yielding gold tends to struggle in a higher-rate world. Current pricing still implies two quarter-point cuts this year, with the first penciled in for June.

Regional demand added local quirks. India briefly saw gold trade at a discount this week as buyers hesitated amid volatile pricing, while China’s market warmed ahead of Lunar New Year buying.

Bottom line: volatility is the name of the game. Gold and silver bounced on Friday, but the next move will probably hinge on that CPI print. If inflation comes in cooler than expected, the safe-haven rush could resume – if not, expect bullion to wobble again.