The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold firms into Friday after a steadier Thursday
Spot gold closed out Thursday's afternoon session near $4,132 an ounce, up about half a per cent on the day (Kitco). Kitco's live quote early on Friday morning, US Eastern time, stood higher still at $4,191.50, so the metal opens the last session of the week on the front foot.
A strong bond auction took the edge off yields
Thursday's 30-year US Treasury auction drew solid demand, which pulled yields back from their morning highs and gave gold room to rise (Kitco). Higher yields raise the cost of holding a metal that pays no interest, so any easing in them tends to help gold.
Oil above $100 keeps inflation in the conversation
Brent crude settled 4.1 per cent higher at $104.28 a barrel on Thursday (Kitco). Dearer oil feeds inflation, which supports gold's role as a store of value, but it also keeps the risk of tighter Federal Reserve policy in view, and that cuts the other way.
US jobless claims fall to 197,000
Weekly US jobless claims came in at 197,000, a sign of a labour market that is still firm (Kitco). Gold held a small gain after the release, trading at about $4,122 shortly afterwards (Kitco).
Still well below last month's level
Fortune put gold at $4,117 an ounce at 9am Eastern on Thursday, against $4,407 a month earlier (Fortune). That is a fall of roughly 6.6 per cent over the month, so this week's firmness is a recovery from a pullback rather than a fresh run.
China's central bank makes its biggest purchase in three years
The People's Bank of China added 21 tonnes of gold in September, taking reserves to 2,196 tonnes and extending its run of monthly purchases to 23 months (Kitco). Separately, the World Gold Council's figures show central banks added a net 39 tonnes in August, led by China, Uzbekistan and Poland, with Poland still the largest buyer so far this year (Kitco, World Gold Council).
Sources: Kitco, Fortune, World Gold Council. Compiled Friday 9 October 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.