Spot gold prices fell by about 1% today to $3,296.89 per ounce, heading for a second consecutive weekly loss. The price drop came as the U.S. dollar rose slightly and markets reacted to a ceasefire agreement between Israel and Iran.
Gold futures in the U.S. also declined, falling 0.7% to $3,325.70 per ounce. For the week, gold lost 1.7%.
The dollar’s 0.2% gain against other major currencies made gold more expensive for foreign buyers, adding pressure on prices.
Brian Lan, managing director at GoldSilver Central in Singapore, attributed the week’s decline mainly to geopolitical easing, noting that gold is holding steady but with a slight downward bias.
Investors are now focused on upcoming U.S. core personal consumption expenditure (PCE) data, which could offer insight into the Federal Reserve’s next move on interest rates. Markets are currently pricing in a rate cut of 63 basis points this year, beginning in September.
