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Asian gold stocks advanced on Friday as bullion extended its recovery from a nearly six-week low, supported by falling oil prices, lower Treasury yields and a weaker U.S. dollar. However, expectations for additional Federal Reserve interest-rate hikes continued to limit gains.
Gold jumped more than 2% on Thursday after suffering a sharp decline a day earlier. Spot gold climbed to $4,360.36 an ounce, while U.S. gold futures settled 0.3% higher at $4,399.70. On Friday, spot prices remained firm around $4,361, up roughly 0.5%.
The rebound followed volatility triggered by the Federal Reserve's decision to raise interest rates by 25 basis points to a range of 3.75%-4%. The Fed also indicated that another rate increase could come before the end of 2026. The September move marked its first rate hike in three years, with 16 of 18 policymakers projecting at least one additional increase this year.
Gold mining stocks across Asia-Pacific markets largely followed bullion higher. Sumitomo Metal Mining and Westgold Resources gained 2.4%, while Genesis Minerals climbed 4.3%. Evolution Mining added 2.9% and Northern Star Resources rose 2.5%.
Regis Resources advanced 1.9%, Ramelius Resources gained 2.3% and Perseus Mining also increased 1.9%.
Chinese gold miners posted mixed performances. Zijin Gold International rose 1%, Chifeng Jilong Gold Mining gained 1.7%, and Zijin Mining Group was nearly unchanged with a 0.1% increase. In contrast, Lingbao Gold declined 1.2%, Shandong Gold fell 2.6%, and Zhaojin Mining Industry dropped 3.3%.
Bullion also benefited from a continued pullback in crude oil prices, which reduced concerns that elevated energy costs could keep inflation stubbornly high. Brent crude fell about 1% on Friday to around $103.77 a barrel.
Despite the recovery in gold prices and mining shares, the precious metal's outlook remains closely tied to U.S. monetary policy. Further Fed tightening could pressure non-yielding gold, while softer inflation, lower bond yields and continued dollar weakness could provide additional support.
