Gold price prediction: Gold rate falls amidst big movement in oil price, inflation, check experts' opinion

Gold rate on Friday took a hit after pivotal factors like oil prices and inflation have impact on the bullion.

Gold price was down today after spot gold fell 0.4 per cent to $4,070.59 per ounce and US gold futures for December delivery dropped 0.8 per cent to $4,080.70.

Other metals witnessed a topsy-turvy day of trading as spot silver gained 0.6 per cent to $52.04 per ounce and platinum rose 0.4 per cent to $1,523.32, while palladium fell 1 per cent to $1,020.9.

Gold had a volatile session on Friday during which the day-wise price has fallen but gold rate was up 5 per cent for the week so far.

Gold price had dropped to a one-year low of $3,869.85 an ounce on October 30.

Gold Rate Expectations Investors are awaiting the US non-farm payrolls report, for cues on the US Federal Reserve's interest rate trajectory.

If it is in line with expectations or weaker, then gold prices may receive support, Staunovo said, adding that a weaker labour market diminishes the path of rate hikes, Reuters reported.

Persistent Middle East supply concerns, however, continued to support prices.135612461There's an extremely strong correlation again at the moment between oil prices, inflation and gold rates, said UBS analyst Giovanni Staunovo.

Two Fed officials on Thursday backed small, steady rate hikes to rein in above-target inflation.

Goldman Sachs on Thursday lowered its end-2026 gold price forecast to $4,150 per ounce from $4,650, citing the implications of the US Fed's more hawkish policy stance in recent months.