Gold Eases from Record High
Gold eased to the $2,920 per ounce mark on Friday after having tested record-highs of $2,940 earlier in the session as markets assessed global demand for safety and the outlook of the Fed’s monetary policy.
US President Donald Trump stated that the US will mediate negotiate a ceasefire with Moscow over Russia’s war with Ukraine, raising expectations that the conflict may come to an end in the near future supporting risk assets in Europe.
On the other hand, precious metals remained supported by the looming threat of a trade war between the US and major trading partners after President Trump ordered the Commerce Department to raise tariffs and reciprocate barriers it deems necessary to balance flows.
Also, bets of a rate cut by the Fed this year gained momentum after a sharper-than-expected contraction in retail aggregates during January.
Source: Trading Economics