Gold Prices Slip Today (April 10) but Remain on Track for Third Weekly Gain
Gold prices edged lower ahead of the weekend as a stronger US dollar and ongoing uncertainty surrounding the US-Iran ceasefire weighed on the market. Despite the pullback, the precious metal is still on course to record its third consecutive weekly gain, supported by expectations of earlier and deeper US interest rate cuts, which typically boost non-yielding assets like gold.
As of Friday (April 10, 2026) at 11:00 WIB, spot gold dipped 0.1% to $4,759.54 per ounce. However, prices have still climbed 1.8% so far this week, reflecting continued bullish sentiment.
Meanwhile, US gold futures for June delivery declined 0.7% to $4,782.70 per ounce. The strengthening US dollar index made dollar-denominated gold more expensive for holders of other currencies, adding downward pressure.
Market analysts note that uncertainty remains a key factor. “There is still a lack of clarity around how the ceasefire in the Middle East will evolve and what it means for energy markets, leaving gold somewhat range-bound heading into the final session of the week,” said Kyle Rodda, Senior Financial Market Analyst at Capital.com.
Gold prices have fallen roughly 10% since the US-Israel conflict involving Iran escalated on February 28, as rising energy prices fueled inflation concerns and increased the likelihood of higher interest rates.
Tensions resurfaced on Friday as Washington accused Tehran of violating commitments in the Strait of Hormuz, highlighting the fragility of the two-week ceasefire agreement. However, Brent crude has dropped more than 11% this week, driven by optimism that the ceasefire could help reopen the vital shipping route, which handles around 20% of global oil and LNG flows.
According to Rodda, gold’s outlook remains highly dependent on geopolitical developments. “If tensions escalate, gold could quickly retreat to the mid-$4,000 range. But if the ceasefire holds and a peace agreement becomes more likely, prices could break above the $5,000 level.”
On the data front, the US Personal Consumption Expenditures (PCE) Index— the Federal Reserve’s preferred inflation gauge— rose 2.8% year-on-year through February, in line with expectations, and is projected to increase further in March.
Investors are now closely watching the upcoming US Consumer Price Index (CPI) data for March, due later today, for clearer signals on the Federal Reserve’s monetary policy path.
Market expectations for a rate cut are also shifting. According to CME’s FedWatch Tool, there is now a 31% probability of at least a 25 basis point rate cut in December, up from 20% in the previous session.
Among other precious metals, spot silver rose 0.9% to $75.74 per ounce, while platinum fell 2% to $2,061.06, and palladium declined 1.2% to $1,539.43.