“Renewed hopes for a U.S.–EU trade deal (potentially setting a 15% tariff with exemptions) alongside progress on U.S.–Japan talks have lifted stock markets and dented gold’s appeal as a refuge. On Friday, gold futures slipped to $3,356.10/oz and spot prices to $3,360.13/oz. OANDA’s Kelvin Wong attributes part of the pullback to profit-taking by short-term bulls.
Despite the dip, gold remains buoyed by a weakening dollar and the market’s expectation that the Fed will eventually cut rates—possibly as soon as September. Adding to the drama, President Trump’s surprise visit to the Fed this afternoon injects fresh uncertainty into the policy outlook. Analysts warn that while risk-on sentiment is dominant now, the metal’s safe-haven allure could resurface if trade talks falter before the August 1 tariff deadline.”
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