Gold regained most of the losses incurred late last week and on Monday by Friday’s close, but the Comex front month was still down 0.6%.
Gold traded higher on Friday afternoon, rising for the third straight day as the US dollar eased. Comex gold for December delivery was last seen up 0.3% at US$2,470.60 per ounce.
The Aussie dollar price ended around A$3,698 an ounce at the weekend, according to the World Gold Council.
The precious metal has almost fully recovered from the 2% drop in the first three days of this month and, like equities, is back to where it was trading before the market turmoil began.
“The recent correction was driven by forced reductions following an across-market volatility spike, and not a change in the outlook [for gold] which, in our opinion, remains supportive,” Saxo Bank said in a note.
The dollar was steady early, with the ICE dollar index last seen down to 103.15, but the Aussie dollar lost ground on Friday to end at 65.74 US cents, down 0.30% for the session but still up 0.80% for the week.
US Treasury yields were mixed. The two-year bond was last seen paying 4.061%, up 1.1 basis points, while the yield on the 10-year note was down 5.1 basis points to 3.946%, and lower than the week’s high of 4.016% on Thursday.