Gold prices fell on Friday on track for the second weekly loss in a row as haven demand receded after the Israel-Iran ceasefire and the progress in US-China trade talks.
Gold spot prices fell 1.2% to $3288 an ounce, marking a weekly drop of 2.3%, while US gold futures fell 1.4% to $3300.
Improving Risk Appetite Pressures Gold
As the Middle East tensions calm down, with both Iranians and Israelis resuming their normal lives after 12 days of the worst military confrontation ever between both countries, demand on gold and other safe havens took a hit.
US-China Rare Earth Minerals Agreement
White House officials said the US reached an agreement with China to accelerate shipments of rare earth minerals to the US.
Now investors await US Core Personal Consumption Expenditure data later today, crucial for Fed’s monetary policies.
Analysts expect a 0.1% monthly increase and a 2.6% yearly increase.
US Interest Rates
Markets currently expect US interest rates to be down by 63 basis points this year, starting September.
As for the performance of other precious metals:
Spot silver prices fell 0.5% to $36.44 an ounce
Platinum lost 2.8% to $1378 an ounce away from 11-year highs
Palladium rose 0.3% to $1135 an ounce, the highest since October 202
Gold prices fell on Friday on track for the second weekly loss in a row as haven demand receded after the Israel-Iran ceasefire and the progress in US-China trade talks.
Gold spot prices fell 1.2% to $3288 an ounce, marking a weekly drop of 2.3%, while US gold futures fell 1.4% to $3300.
Improving Risk Appetite Pressures Gold
As the Middle East tensions calm down, with both Iranians and Israelis resuming their normal lives after 12 days of the worst military confrontation ever between both countries, demand on gold and other safe havens took a hit.
US-China Rare Earth Minerals Agreement
White House officials said the US reached an agreement with China to accelerate shipments of rare earth minerals to the US.
Now investors await US Core Personal Consumption Expenditure data later today, crucial for Fed’s monetary policies.
Analysts expect a 0.1% monthly increase and a 2.6% yearly increase.
US Interest Rates
Markets currently expect US interest rates to be down by 63 basis points this year, starting September.
As for the performance of other precious metals:
Spot silver prices fell 0.5% to $36.44 an ounce
Platinum lost 2.8% to $1378 an ounce away from 11-year highs
Palladium rose 0.3% to $1135 an ounce, the highest since October 2024
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