Gold prices declined 1.5% on Friday, retreating from record highs achieved earlier this week as signs emerged of easing trade tensions between the US and China.
China has reportedly exempted some US goods from its 125% tariffs, causing gold to drop to $3,296.19 per ounce.
Analysts suggest a US-China trade agreement could push gold prices even lower, potentially toward $3,000 per ounce.
Despite the current decline, gold has still performed strongly in 2024, up more than 25% year-to-date.
Meanwhile, the Fed is taking a cautious approach to monetary policy as it evaluates economic impacts of tariffs.
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