Gold prices edged lower during Asian trading on Friday, retreating further from recent five-week highs as investor appetite shifted toward riskier assets, dampening demand for traditional safe havens. Enthusiasm surrounding potential U.S. trade agreements and strong corporate results in the artificial intelligence sector contributed to the pullback.
Other metals traded within tight ranges, giving up a portion of the gains recorded earlier in the week. A weaker U.S. dollar helped cushion the downside across the commodities complex.
By 01:34 ET (05:34 GMT), spot gold had declined by 0.3% to $3,358.82 per ounce, while gold futures were down 0.4%, trading at $3,360.80 per ounce.
Gold and Platinum Flatline; Silver Stands Out
For the week, gold was still modestly higher—up around 0.3%—but the overall tone remained subdued. Platinum prices fell 0.9% on Friday to $1,404.06/oz, pushing the metal 1.4% lower over the week.
Silver outperformed its peers, holding steady at $39.0115/oz and posting a 2% weekly gain. It managed to avoid the steeper losses that weighed on gold and platinum in recent sessions.
Improved sentiment in global markets, spurred by the U.S.-Japan trade agreement and strong earnings from tech firms linked to AI, led investors to favor equities over metals. Wall Street reached new all-time highs this week, buoyed by expectations that President Donald Trump could finalize more trade agreements with major global economies.
Still, safe-haven interest in gold wasn’t entirely absent. Traders remained cautious ahead of several significant economic developments expected next week, keeping a floor under gold prices.
Copper Mixed as Tariff Effects Loom
In industrial metals, copper prices were mixed. London Metal Exchange benchmark copper futures slipped 0.3% to $9,844.45 per ton, while COMEX copper was down 0.2% at $5.8153 per pound.
LME copper remained largely unchanged for the week. In contrast, U.S. copper futures were on track for a 3.8% weekly gain, supported by looming supply constraints tied to expected U.S. trade tariffs on imported metals.
All Eyes on Fed and Tariff Deadlines
Looking ahead, gold could regain momentum as markets brace for a string of influential events next week.
Foremost is the Federal Reserve’s upcoming policy meeting, where no interest rate changes are expected despite pressure from President Trump to deliver cuts. Fed Chair Jerome Powell has emphasized the need to evaluate the inflationary impact of Trump’s trade policies before altering the current monetary stance.
This cautious approach has fueled ongoing tension between Powell and Trump, who has repeatedly voiced dissatisfaction with the Fed’s leadership. On Thursday, Trump visited the central bank’s headquarters to review a renovation project—an unusual move seen by some as a symbolic gesture hinting at potential action against Powell.
Meanwhile, Trump’s August 1 deadline for imposing steep new tariffs looms. Markets will be watching closely to see whether additional trade agreements—particularly with the European Union—can be reached. Reports suggest a potential compromise, with a 15% tariff under discussion, lower than the previously threatened 30%.
Also due next week is the expected implementation of Trump’s proposed 50% tariff on imported copper, a move that could tighten domestic supply and push U.S. copper prices even higher.
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