Gold surges in one week! Create the strongest record

Gold fell on Friday. (Bloomberg file photo)

[Financial Channel/Comprehensive Report] The price of gold fell slightly on Friday (6th), but it rose by more than 5% this week, the best weekly performance since August.

Spot gold fell 0.3% to US$4,074.36 per ounce, and fell more than 1% during the session.

U.S. gold futures for December delivery fell 0.9% to $4,074.90 an ounce.

Gold prices rose 5.2% this week. Tai Wong, an independent metals trader, said: "The bright employment report and strong data caused gold prices to gap down, but it is currently trying to regain lost ground. This will be a test of this week's gains."

The U.S. non-farm payrolls increased higher than market expectations in October, while the unemployment rate fell to 4.1%, showing that the labor market remains resilient and giving the Fed more room to turn its attention to inflation caused by conflicts in the Middle East.

According to the CME Group's FedWatch tool, traders currently expect an 81% chance of the Fed raising interest rates in December, which is higher than the 72.8% chance before the non-farm payrolls report was released.

Other precious metals trading

Spot silver rose 0.8% to $52.18 an ounce.

Spot platinum rose 1.6% to $1,541.42 an ounce.

Spot palladium fell 0.6% to $1,024.59 an ounce.

All three closed higher this week.