Following the sharp pullback seen in the previous session, the price of gold has shown a significant move back to the upside during trading on Friday.
Gold for February delivery surged has surged $109 or 2.2 percent to $5,032.70 an ounce after plunging $147.90 or 2.9 percent to $4,923.70 an ounce in the previous session. With the rebound, gold has turned positive for the week.
The sharp increase by the price of gold came after the release of the Labor Department's highly anticipated report on consumer price inflation in the month of January.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.