Gold prices fell 1% on Friday, with spot gold dropping to $3,015.43 per ounce and U.S. gold futures settling 0.7% lower at $3,021.40. Despite this short-term dip driven by profit-taking and a stronger U.S. dollar—which rose 0.3% to a two-week high—bullion remains on track for its third consecutive weekly gain, up 1% so far.
Traditionally viewed as a safe-haven asset, gold continues to attract demand amid ongoing geopolitical and economic uncertainties. It has hit 16 record highs this year and even reached an all-time peak of $3,057.21 per ounce on Thursday. Marex analyst Edward Meir noted, “The market is taking a bit of a breather. There’s some profit-taking at these levels and also the dollar is stronger today,” which has made greenback-priced bullion more expensive for overseas buyers.
Peter Grant, vice president and senior metals strategist at Zaner Metals, added that “ongoing safe-haven demand, both based on trade concerns and geopolitical risks, continues to be the primary driving force.” This demand is expected to persist despite short-term profit-taking and currency fluctuations.
Leveraging FMP APIs for Market Insights
? Commodities APIAccess real-time and historical commodity price data to track gold price movements and market trends.
? Forex Daily APIMonitor U.S. dollar performance against other currencies, helping to gauge its impact on bullion prices.
Conclusion
While gold experienced a 1% drop on Friday due to a combination of profit-taking and a stronger dollar, its status as a safe-haven asset remains intact amid persistent geopolitical and economic uncertainties. With a steady weekly gain and strong underlying demand, investors should keep an eye on both gold prices and currency trends using reliable data sources like the FMP Commodities and Forex Daily APIs.
