Gold futures settled sharply higher on Friday as investors picked up the safe-haven asset amid rising worries about global economic outlook due to higher borrowing costs and the impact of the Israel-Hamas war.
Weak Chinese economic data, lower Treasury yields and a subdued dollar contributed as well to gold's sharp uptick.
Gold futures for December ended higher by $58.50 or more than 3% at $1,941.50 an ounce, a three-week closing high.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.