The price of gold extended its losses on Friday and plunged to a seven-day low of $3,015 before the yellow metal recovered some ground after a speech by Jerome Powell. His speech indicated that inflation could reaccelerate due to tariffs.
Gold prices are extending on Friday their drop for the second consecutive day, hitting a seven-day low of $3,023 per troy ounce, down more than 2.80% as Fed Chair Jerome Powell turned hawkish in a conference in Virginia.
Gold prices retreated on Tuesday as traders booked profits, awaiting April 2’s Liberation Day in the US, an event in which President Donald Trump is expected to announce additional tariffs aimed at improving the trade deficit imbalance.
The Australian dollar was the strongest major currency last week, while the Japanese yen was the weakest, although the numbers were practically negligible. Volatility decreased over this period, and the coming week will likely see more volatility.
The euro witnessed a slightly positive week against the Japanese yen, which is a bit perplexing due to the fact that risk appetite was eviscerated yet again. I think the JPY160 level will continue to be important, and it may even offer support.
The price of gold rallied sharply on Friday, as it hit a new record high of $3,086 amid uncertainty over US trade policy. Additionally, an uptick in the Federal Reserve's preferred inflation gauge was seen.
Gold price (XAU/USD) attracts follow-through buyers for the second consecutive day and climbs to a fresh record high, around the $3,077-3,078 area during the Asian session on Friday.
Gold price (XAU/USD) attracts fresh buyers following the previous day's flat close and climbs to a fresh weekly high, around the $3,038-3,039 region during the Asian session on Thursday.
Gold price advances on Tuesday as the US Dollar (USD) remains on the back foot and amid falling US real yields, which typically correlate inversely to bullion prices.
