Gold prices pushed higher in Asian trading on Friday, supported by renewed risk aversion as markets confronted a murky U.S. economic outlook. Still, optimism was tempered as traders continued dialing back expectations for a Federal Reserve rate cut in December, limiting the metal’s advance.

The precious metal was also on course to register its first weekly rise in a month, having reclaimed the $4,000 per-ounce threshold earlier in the week. Strength spilled over into other precious metals as well.

Spot gold climbed 0.4% to $4,187.43 per ounce by 00:24 ET (05:24 GMT), while December futures eased slightly to $4,190.75 per ounce.

Safe-haven demand supports gold amid U.S. data uncertainty

Gold’s roughly 5% weekly rise reflected increased safe-haven buying as investors remained uneasy about how upcoming U.S. economic data will look—especially in the aftermath of the nearly 43-day government shutdown that only just concluded.

While official statistics are expected to resume in the coming weeks, analysts worry that the delayed releases could reveal sharper-than-expected weakness. U.S. officials also indicated on Thursday that inflation and labor market figures for October might never be released due to the shutdown’s disruption.

Other precious metals advanced as well. Spot platinum rose 0.5% to $1,593.83 per ounce, while spot silver jumped 1.1% to $52.8815 per ounce. Silver was the standout performer this week, soaring about 9% and nearing October’s record levels.

Markets trim December Fed cut expectations

The lack of reliable economic data heading into the December Federal Reserve meeting has made traders more cautious, prompting a sharp pullback in bets on a rate cut.

ANZ analysts wrote that “It may take days or even weeks for the federal bureaucracy to fully restart and issue long awaited economic data. Any delays could keep Fed governors relatively cautious,” highlighting recent remarks from San Francisco Fed President Mary Daly that it remained too early to judge whether a rate reduction was appropriate.

According to CME’s FedWatch tool, the probability of a 25-basis-point cut has tumbled to 45.4%, down from 64.3% a week earlier. The likelihood of no change in rates has surged to 54.6%.

The U.S. dollar drew only mild support from the recalibration in pricing, as broader worries about economic momentum continued to outweigh the rate outlook. The currency was poised for a weekly loss of around 0.4%, helping prop up precious metal prices.

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