Gold was lower on Friday, down nearly 2% per week as traders position themselves in the U.S. inflation report.
As the Friday morning was writing, gold futures fell to $3,320.20 at 0.7% per ounce, while spot gold fell 0.1% to $3,295.14 an ounce.
The move comes after investors waited to release the Personal Consumer Expenditure (PCE) price index, a measure of inflation measured by the Federal Reserve's inflation rate later in the day.
Kelvin Wong, senior analyst at Oanda Asia Pacific, said the technology momentum also led to a pullback.
“The price action of gold failed to exceed the recent resistance level of $3,328, both at yesterday's U.S. meeting or today's Asia meeting,” he said.
Read more: What is behind the surge in AI-related litigation?
Nevertheless, the broader investment case for gold remains intact. The U.S. federal appeals court on Thursday awarded the U.S. president a temporary easing ruling threatened the tariffs he planned, and thus renewed uncertainty over Donald Trump's trade agenda raises the precious haven appeal.
Goldman Sachs (GS) reiterated its view this week that gold bars and crude oil are still key inflation hedges for long-term investment portfolios.
Oil prices rose on Friday but fell for the second straight, partially down, under pressure from expectations of an increase in OPEC+ supply and the uncertainty of U.S. trade policy around U.S. trade policy.
Brent crude futures climbed 0.1% to $63.46 a barrel, while West Texas Intermediate Futures rose 0.2% to $61.06 a barrel. However, both contracts have fallen 1.3% so far this week.
Price pressures are largely due to concerns about rising production. Investors expect organizations from oil exporters and their allies (OPEC+) to continue to increase production when eight members meet on Saturday.
Analysts expect prices will be within the nearest range in the near term, and then put prices within $50 by the end of the year.
Meanwhile, in the U.S., oil markets have been further uneasy after the federal appeals court temporarily resumed Trump’s tariffs on Thursday. The move reversed a day ago ruling from the Trade Court that had ordered the immediate broadest possible grasp of the responsibility.
Read more: The best cash deal to beat inflation
Legal round-trip sent oil prices more than 1% higher on Thursday as traders recalibrated expectations based on ongoing policy uncertainty. Analysts warn that further fluctuations may occur as the dispute passes through the courts.
