Gold declined toward $3,280 per ounce on Friday, hitting its lowest level in four weeks, as fading geopolitical risks and easing fears of a prolonged trade conflict dented safe-haven demand. The US and China finalized the details of their London trade deal, which will implement the Geneva consensus.
Under the agreement, China will approve export applications for controlled goods, while the US will lift various trade restrictions. This followed the White House downplaying the urgency of upcoming tariff deadlines, suggesting they could be extended and further easing trade concerns.
Meanwhile, investors continued to assess the Fed's rate cut outlook, with reports indicating President Trump may announce his Fed Chair nominee as early as September or October, likely favoring a candidate supportive of looser financial conditions.
Markets now await the PCE inflation report later today for further direction. The bullion is on track for its second consecutive weekly loss.
Source: Trading Economics
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