Gold ends a flat week near £3,048 an ounce as September rate rise bets build

Gold finished the week close to where it started. Forbes Advisor UK data showed the metal opening Friday at £3,047.54 an ounce, up 0.19 per cent over the week, which is roughly £98 a gram. After a volatile fortnight, a flat week is worth noting in itself.

The calm follows a busy few days. Gold had slipped to a nine month low near $3,975 an ounce in mid July before rebounding sharply once the Federal Reserve left interest rates unchanged. Since then it has been testing the $4,100 area without breaking away. According to technical commentary from FXDailyReport, traders are now pricing in around a 63 per cent chance of a Fed rate rise in September, and that expectation is capping gains: higher rates raise the opportunity cost of holding an asset that pays no income.

Silver had the better week. It traded near $59 an ounce on Friday after two sessions of gains, which is approximately £44 an ounce, or about £1.41 a gram, using Friday's exchange rate. Support came from a sharp fall in the dollar amid suspected Japanese intervention to strengthen the yen.

A flat week is a useful reminder that spot is only part of what you pay. Your all-in cost is spot plus dealer premium, VAT on silver but not on investment gold, and any delivery or storage fees. This is information, not financial advice.