Gold Prices Drop Sharply but Maintain Weekly Gains
Yesterday, gold prices dropped sharply, declining by $45.6 to $2,882 per ounce.
Gold fell by approximately 1.5% on Friday, pressured by profit-taking activities. However, despite the decline, the precious metal still recorded its seventh consecutive weekly gain. The weekly uptrend was driven by safe-haven demand, as former U.S. President Donald Trump’s plan to impose reciprocal tariffs on countries taxing U.S. imports sparked fears of a global trade war.
Additionally, technical factors played a significant role. Gold’s failure to reach a new all-time high on Tuesday may have resulted in a double-top pattern, leading to profit-taking ahead of the weekend. However, bullish momentum remains intact, supported by factors such as tariffs, underlying inflation, and a weakening USD.
Gold fell by approximately 1.5% on Friday, pressured by profit-taking activities. However, despite the decline, the precious metal still recorded its seventh consecutive weekly gain. The weekly uptrend was driven by safe-haven demand, as former U.S. President Donald Trump’s plan to impose reciprocal tariffs on countries taxing U.S. imports sparked fears of a global trade war.
Additionally, technical factors played a significant role. Gold’s failure to reach a new all-time high on Tuesday may have resulted in a double-top pattern, leading to profit-taking ahead of the weekend. However, bullish momentum remains intact, supported by factors such as tariffs, underlying inflation, and a weakening USD.
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