Gold prices dropped to their lowest level in nearly four weeks during Asian trading on Friday, as easing geopolitical tensions between Israel and Iran reduced safe-haven demand. Investors are now turning their attention to a key U.S. inflation report for further insight into the Federal Reserve’s monetary policy outlook.
Spot gold fell by 1% to $3,293.79 per ounce—its lowest level since June 2—while August gold futures slipped 1.2% to $3,306.70 per ounce by 01:15 ET (05:15 GMT).
The yellow metal is on track for a weekly loss of over 2%, marking its second straight week in the red. It has now declined nearly 6% from the record high reached in late April.
Geopolitical Tensions Ease, PCE Inflation Report Ahead
A ceasefire between Israel and Iran, brokered by U.S. President Donald Trump, appeared to hold through Thursday. The truce has helped ease geopolitical tensions in the Middle East, reducing demand for gold as a safe-haven asset.
Markets are now focused on the upcoming release of the Personal Consumption Expenditures (PCE) price index for May, the Fed’s preferred inflation gauge. Analysts expect a 0.1% month-on-month rise in both the headline and core figures. Year-over-year, the headline PCE is projected to increase by 2.3%, with the core measure rising 2.6%—both slightly higher than last year’s readings.
The inflation data follows Fed Chair Jerome Powell’s testimony before Congress this week, where he cautioned against premature rate cuts. Powell also warned that inflation pressures from tariffs could persist longer than expected.
In response, Trump criticized Powell and mentioned he is considering “three or four people” as potential replacements. According to The Wall Street Journal, a new Fed chair could be named as soon as September.
Broader Metals Market Weakens Amid Stronger Dollar
The U.S. Dollar Index ticked up 0.1% during Asian hours, although it remains near a three-year low. A stronger dollar typically weighs on commodity prices by making them more expensive for foreign buyers.
Other metals also retreated:
- Platinum futures dropped 1.3% to $1,392.00 per ounce after recently hitting a decade-high, though the metal is still up 32% for the month.
- Silver futures slipped 0.6% to $36.375 per ounce.
- Copper prices were mixed: London Metal Exchange (LME) copper futures dipped 0.2% to $9,891.15 per ton, while U.S. copper futures edged slightly higher to $5.06 per pound.
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