Gold heads for biggest weekly loss in 6 months as Trump’s Gulf tour rattles markets
The post Gold heads for biggest weekly loss in 6 months as Trump’s Gulf tour rattles markets appeared on BitcoinEthereumNews.com. Gold prices fell hard on Friday, dropping more than 1% by mid-morning, and closing in on their worst weekly decline since November 2024, according to data from Reuters. Investors began pulling out after a temporary US-China tariff truce combined with a stronger dollar to hammer demand for the metal. As of press time, spot gold had fallen to $3,210.19 per ounce, while US futures also lost ground, slipping to $3,213.60. Trump’s tour through Saudi Arabia and the UAE this week added pressure to the broader market environment. His meetings with Gulf leaders on AI and energy left investors wondering whether more abrupt trade shifts were around the corner. Just weeks ago, the White House was threatening higher tariffs on Chinese imports, but by Monday, Washington had backed off, agreeing with Beijing to pause the tit-for-tat duties. Markets took that as a cue to move money out of safe havens like gold, which is often held during times of tension. Trade deal cools gold as dollar holds strong The market reaction was immediate. As talks between the US and China turned temporarily friendly, optimism flooded into riskier assets. But this was bad news for gold. Nitesh Shah, commodities strategist at WisdomTree, said on Friday: “We’ve gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices.” The dollar index (DXY) stayed quiet Friday, but was heading for its fourth straight weekly gain, limiting gold’s appeal to foreign buyers. The rise in the greenback hurt demand because it makes gold more expensive in other currencies. That’s a key reason why the metal has now lost more than 3% over the week, ending a month-long rally that saw it reach an all-time high…
The post Gold heads for biggest weekly loss in 6 months as Trump’s Gulf tour rattles markets appeared on BitcoinEthereumNews.com.
Gold prices fell hard on Friday, dropping more than 1% by mid-morning, and closing in on their worst weekly decline since November 2024, according to data from Reuters. Investors began pulling out after a temporary US-China tariff truce combined with a stronger dollar to hammer demand for the metal. As of press time, spot gold had fallen to $3,210.19 per ounce, while US futures also lost ground, slipping to $3,213.60. Trump’s tour through Saudi Arabia and the UAE this week added pressure to the broader market environment. His meetings with Gulf leaders on AI and energy left investors wondering whether more abrupt trade shifts were around the corner. Just weeks ago, the White House was threatening higher tariffs on Chinese imports, but by Monday, Washington had backed off, agreeing with Beijing to pause the tit-for-tat duties. Markets took that as a cue to move money out of safe havens like gold, which is often held during times of tension. Trade deal cools gold as dollar holds strong The market reaction was immediate. As talks between the US and China turned temporarily friendly, optimism flooded into riskier assets. But this was bad news for gold. Nitesh Shah, commodities strategist at WisdomTree, said on Friday: “We’ve gone through a week where there have been optimistic signals in terms of trade negotiations and we have seen the dollar appreciate on the course, which is weighing on gold prices.” The dollar index (DXY) stayed quiet Friday, but was heading for its fourth straight weekly gain, limiting gold’s appeal to foreign buyers. The rise in the greenback hurt demand because it makes gold more expensive in other currencies. That’s a key reason why the metal has now lost more than 3% over the week, ending a month-long rally that saw it reach an all-time high…
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