Gold futures finished higher on Friday, prompting prices to turn higher for the week. Gold was under pressure and lacking much interest with fresh capital, but “snapped back quickly and sharply” early Friday after speculation for a 75 basis point interest-rate increase in November by the Federal Reserve, followed by only 50 basis point rate increase in December, said Jeff Wright, chief investment officer at Wolfpack Capital. “The gold market took this speculative info…as sign of a Fed pivot towards data dependency into 2023,” and gold prices moved higher. Still, “my view is gold is still under pressure and will not be able to sustain any rally for quite some time,” said Wright. Gold for December delivery rose $19.50, or 1.2%, to settle at $1,656.30 an ounce on Comex after touching a low at $1,621.10, the lowest intraday level for most-active contract since April 2020, according to Dow Jones Market Data. Prices ended the week nearly 0.5% higher.
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