Gold price rises on global markets after hitting over one-year low

The cost of gold on global markets increased by 1.1% after quotes dropped to their lowest value in more than a year during previous trading, Report informs referring to Reuters.

As of 09:18 (GMT+4), the spot price of gold was recorded at $3,918.59 per troy ounce. US futures with December delivery added 1%, rising to $3,922.60. At the same time, the precious metal has depreciated by 3.6% over the current week.

The growth was facilitated by purchases at reduced prices. The day before, on Thursday, quotes fell to their lowest level since October 2025 amid rising oil prices, as well as fears regarding the acceleration of inflationary pressure and a possible tightening of interest rate policy.

According to the CME FedWatch tool, the probability of a US rate hike in December by 25 basis points is estimated at 89%, and by 50 basis points at 11%.

Traders and investors are awaiting the release of the producer price index data in the US, scheduled for 17:30 Baku time.

Silver rose by 0.5% to $50.27 per ounce, palladium by 1.8% to $1,011.65, and platinum by 1% to $1,533.29.