Gold hovered around $3,360 per ounce on Friday, following two straight sessions of losses amid easing trade tensions and rising risk appetite. Investors continue to monitor progress in tariff negotiations, with the US and EU reportedly nearing an agreement, shortly after Washington announced a separate deal with Japan.
On the economic front, US jobless claims fell for the sixth straight week—the longest stretch of declines since 2022—highlighting labor market strength and reinforcing views that the Fed will hold rates steady next week.
Markets are now pricing in fewer than two rate cuts this year, with the first fully anticipated in October. Meanwhile, investors also noted renewed tension between President Trump and Fed Chair Powell, as they clashed over the central bank's renovation costs. Trump repeated his call for lower rates but said the renovation issues weren't enough to justify firing Powell. Despite the mid-week pullback, gold remains on track for a 0.6% weekly gain.
Source: Trading Economics
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